This is the concept of financial mathematics, the simple interest rate is given by:
S.I.=(PRT)/100
where:
P=principle=$2500
R=rate=5.5%
T=time=1 year
Hence;
S.I.=(5.5*2500.1)/100
=$137.5
Thus the total amount he had after 1 year will be:
2500+137.5
=$2,637.5
The answer is -8 I believe.
To put this into an equation, we get 7x-x=-48. This is equal to 6x=-48. When we divide we get -8.
When Jamie has $200 to purchase skateboard equipment, he will have spent more than 50 percent.
<h3>How to calculate the percentage?</h3>
From the information given, the total amount spent will be:
= $100 + $60 + $30 + $20 + $20 + $50 + $115
= $395
Since Jamie has $200 to purchase skateboard equipment, the percentage will be:
= 200/395
= 0.51
= 51%
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Using an exponential function, it is found that you would have $10,240 after 18 years.
<h3>What is an exponential function?</h3>
An increasing exponential function is modeled by:
In which:
- A(0) is the initial value.
- r is the growth rate, as a decimal.
Considering the initial value of $2,500, and the growth rate of 60% every 6 years, the equation is given by:
Hence, after 18 years, the amount is given by:
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