Micah needs $18,500 to purchase a boat. How much money will he need to invest today in a savings account earning 3.2% interest,
1 answer:
We have that every quarter, he will get an 0.8% interest rate. We also have that there will be 14*4=56 periods of repayment. We have that by the formula, if there are n periods and x% is the interest rate, the capital is multiplied by (100+x%)^n.
Suppose Micah invests x money. Then, we have that after 14 years, the capital available will be C=
. We have that C=18500$ and hence that 18500=x*1.562. Thus, solving for x we have that x=11841$.
Micah will need to invest only 11841$ in order to pay for his boat; this shows the importance of saving since he earns a lot of money, around 7k $.
Suppose Micah invests x money. Then, we have that after 14 years, the capital available will be C=
Micah will need to invest only 11841$ in order to pay for his boat; this shows the importance of saving since he earns a lot of money, around 7k $.
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Step 1: Write out the equation
Step 2: Rewrite the equation
Step 3: Plot the graph of y = x² + 7x + 6
Step 4: Find the solution of the equation x² + 7x + 6 = 0
The solutions of x² + 7x + 6 = 0 are the x-coordinates of the points where the curve y = x² + 7x + 6 cuts the x-axis.
From the graph, we can see that the points are (-6, 0) and (-1, 0)
Hence, the solutions are -6, -1
Answer:
The second rental car company is better because it is cheaper
Step-by-step explanation:
First option :
The first rental car company charges a $35 rental fee
An amount of $110 for 3 days.
So, Total cost for 3 days = 35+110=145
Second option:
The second rental car company's offer can be modeled by the equation :
Where x = number of days
y = total cost of renting a car
Substitute x = 3
y=28(3)+15
y=99
So, Total cost for 3 days = $99
So, Option 2 is cheaper
So, The second rental car company is better because it is cheaper