Quick problem to check!
1 answer:
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To solve this we are going to use the future value of annuity due formula: ![FV=(1+ \frac{r}{n} )*P[ \frac{(1+ \frac{r}{n})^{kt}-1 }{ \frac{r}{n} } ]](https://tex.z-dn.net/?f=FV%3D%281%2B%20%5Cfrac%7Br%7D%7Bn%7D%20%29%2AP%5B%20%5Cfrac%7B%281%2B%20%5Cfrac%7Br%7D%7Bn%7D%29%5E%7Bkt%7D-1%20%7D%7B%20%5Cfrac%7Br%7D%7Bn%7D%20%7D%20%5D)
where
is the future value
is the periodic deposit
is the interest rate in decimal form
is the number of times the interest is compounded per year
is the number of deposits per year
We know for our problem that
and 
. To convert the interest rate to decimal form, we are going to divide the rate by 100%: 
. Since Ruben makes the deposits every 6 months, 
. The interest is compounded semiannually, so 2 times per year; therefore, .
Lets replace the values in our formula:
![FV=(1+ \frac{0.1}{2} )*420[ \frac{(1+ \frac{0.1}{2})^{(2)(15)}-1 }{ \frac{01}{2} } ]](https://tex.z-dn.net/?f=FV%3D%281%2B%20%5Cfrac%7B0.1%7D%7B2%7D%20%29%2A420%5B%20%5Cfrac%7B%281%2B%20%5Cfrac%7B0.1%7D%7B2%7D%29%5E%7B%282%29%2815%29%7D-1%20%7D%7B%20%5Cfrac%7B01%7D%7B2%7D%20%7D%20%5D)
We can conclude that the correct answer is <span>$29,299.53</span>
where
We know for our problem that
Lets replace the values in our formula:
We can conclude that the correct answer is <span>$29,299.53</span>
Answer:
B) -3
Step-by-step explanation:
1. First you have to write the equation in slope intercept form. To do that, you must have y be alone on one side.
2. move the 3x to the right side with the 5 by subtracting 3x from both sides. Since 3x will cancel on the left, y will be left alone.
3. Now that you're in slope intercept form, you can find the slope easily. The slope will always be the number in front of x. In this case, the number in front of x is -3. Therefore, -3 is your slope!