The calculation uses the accumulated daily balance method (ADB).
We assume the statement is based on calendar month (rare!).

George owes $500 from beginning to end of June, so 30 days out of 30.
Interest accrued is 500*0.013*30/30=$6.50.
He also owes $2000 from June 12 to June 30, so 19 days inclusively.
Interest accrued is $2000*.013*(19/30)=16.47
Total interest at the end of the month=$6.50+$16.47=$22.97

3 0

3 years ago

Martin deposits $200 in a savings account that earns 5% annual interest. four years later, cary deposits $200 in an account earn

Scrat [10]

Martin deposits $200 in a savings account that earns 5% annual interest.

year interest balance

1 200 * 5% 200(1.05)

2 200(1.05) * 5% 200(1.05)^2

3 200(1.05)^2*5% 200(1.05)^3

y 200(1.05)^y

=> m = 200 (1.05)^y

four years later, cary deposits $200 in an account earning the same interest.


year interest balance

5 200 * 5% 200(1.05)

6 200(1.05) * 5% 200(1.05)^2

7 200(1.05)^2*5% 200(1.05)^3

y 200(1.05)^(y-4)

=> c = 200(1.05)^ (y-4)

Answer:
Martin: 200(1.05)^y
Cary: 200(1.05)^(y–4)

3 0

3 years ago

Read 2 more answers

Mr. Erickson will be living in the forest

aliina [53]

$\huge{\boxed{60\ \text{ft}^{3}}}$

We will assume the tent is in the shape of a triangular prism.

The volume of a triangular prism can be found with the following formula, where $b$ is the width at the base, $h$ is the height, and $l$ is the length.