Can someone please help me answer this question, I am stuck on this question
1 answer:
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The question is incomplete. The complete question is :
Jaina and Tomas compare their compound interest accounts to see how much they will have in the accounts after three years. They substitute their values shown below into the compound interest formula. Compound Interest Accounts Name Principal Interest Rate Number of Years Compounded Jaina $300 7% 3 Once a year Tomas $400 4% 3 Once a year. Which pair of equations would correctly calculate their compound interests?
Solution :
It is given that Jaina and Tomas wants to open an account by depositing a principal amount for a period of 3 years and wanted to calculate the amount they will have using the compound interest formula.
<u>So for Jiana</u> :
Principal, P = $300
Rate of interest, r = 7%
Time, t = 3
Compounded yearly
Therefore, using compound interest formula, we get
<u>Now for Tomas </u>:
Principal, P = $400
Rate of interest, r = 4%
Time, t = 3
Compounded yearly
Therefore, using compound interest formula, we get
Therefore, the pair of equations that would correctly calculate the compound interests for Jaina is .
And the pair of equations that would correctly calculate the compound interests for Tomas is .
mark must leave it for 5.5 months or 5 and half moths to gain 5600 in interest .
<u>Step-by-step explanation:</u>
Here we have , mark invests 8000 in an account that pays 12% interest and 2000 in one that pays 8%. if he leaves the money in the accounts for the same length of time, We need to find how long must he leave it to gain 5600 in interest . Let's find out:
Let mark invests 8000 in an account that pays 12% interest and 2000 in one that pays 8% for time x months , So total interest gain is 5600 i.e.
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Therefore , mark must leave it for 5.5 months or 5 and half moths to gain 5600 in interest .