How to do 5,745 / 66
1 answer:
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Answer:
$268.78
Step-by-step explanation:
We will use the compound interest formula to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
First, change 3% into its decimal form:
3% -> -> 0.03
Now, plug in the values:
After 10 years, you will have $268.78
We have here the formula for Compound Interest:
Where:
• A is the accrued amount.
,• P is the Principal (the original amount of money, the starting amount of money).
,• r is the interest rate.
,• n is the number of times per year compounded.
,• t is the time in years.
When we have that n is equal to 12, we are talking here about that the amount of money is being compounded monthly (we have 12 months in a year, 12 periods, n = 12). <em>Therefore, we are dividing the rate, r, by the number of compoundings per year, n, and this is the rate per each new compounding period of time, r/n, and, in this case, n = 12 (monthly interest rate). </em>
Therefore, in few words, the fraction (0.04/12) is the monthly interest rate (option C).
[If we see the other options, we have:
• The daily interest rate would be given by 0.04/365.
,• How long the money has been in the account is time, t.
,• The starting balance in the account is the Principal, P. ]
Answer:
A. Equation is
B. Cost is $88
Step-by-step explanation:
A)
Suppose you rent for x hours and each hour costs $15.75
<u><em>How much would you need to pay?</em></u>
Moreover, there is a $25 dollar (fixed) deposit for renting, so that gets added to your payment. All in all, you have to pay
This is the equation of renting a snowboard for x hours.
Equation is
- Where x is the number of hours you rent the snowboard, and
- c is the total cost
B)
If you are renting from 8.30 to 12.30, you are basically renting for 4 hours.
To know how much it will cost, you simply plug in 4 into x (in the equation):
Cost is $88