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galben [10]
4 years ago
9

How much would $100 invested at 8% intrest compounded annually be worth after 15 years? round your answer to the nearest cent. d

o not include units in your answer a(t) = P(1 + r/n)^nt
Mathematics
1 answer:
frosja888 [35]4 years ago
3 0
Our P = 100, r = .08, n = 1 (annually means once a year), and t = 15.  Filling in accordingly, we have A(t)=100(1+ \frac{.08}{1})^{(1)(15)}.  Simplifying a bit gives us  A(t)=100(1+.08)^{15}  and  A(t)=100(1.08)^{15}.  Raising that number inside the parenthesis to the 15th power gives us  A(t)=100(3.172169114).  Multiplying to finish means that A(t) = $317.22
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$15,074 is invested, part at 14% and the rest at 5%. If the interest earned from the amount invested at 14% exceeds the interest
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The rate at 14% and 5% are $12, 883 and $2191 respectively.

<h3>How to determine the rate</h3>

Given that;

Invested amount = $ 15, 074 at 14% and 5%

Let rate at 14% = x

rate at 5% = y

We have rate at 9% exceeds that of 5% by $1694. 07

Hence,

0. 14x = 0. 05y + $1694. 07 ⇒ equation 1

x + y = $15, 074 ⇒ equation 2

Make 'x' the subject

x = 15, 074 - y

Substitute in equation 2

0. 14(15, 074 - y) = 0. 05y + $1694. 07

Expand the expression

2, 110. 36 - 0. 14y = 0.05y + 1694. 07

Collect like terms

416. 29 = 0. 19y

Make 'y' the subject

y = \frac{416. 29}{0. 19}

y = $2, 191

Substitute the value in equation 2

x + y = $15, 074

x = $15, 074 - y

x = $15, 074 - 2191

x = $12, 883

Therefore , the rate at 14% and 5% are $12, 883 and $2191 respectively.

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Answer:

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Step-by-step explanation:

since 4/6 means the fourth one of the 6 spots, we can just make a number line that is split into 6 parts and find the fourth line. we do the same thing with seven to get the answers above

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