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3 years ago

Tim Invested $5,000 in a savings account for 6 years.He earned $550 over that fine period.What is the interest rate?

Mathematics

1 answer:

Klio2033 [76]3 years ago

5 0

Answer:

1.75 %

Step-by-step explanation:

The formula for the future value (FV) of an investment is

FV =PV(1 + r/n)^nt

If the interest is calculated once a year, n = 1, and the formula reduces to

FV = PV(1 +r)^t

5550 = 5000(1 + r)⁶ Divide both sides by 5000

1.110 = (1+r)^6 Take the sixth root of each side

1 + r = 1.0175 Subtract 1 from each side

r = 0.0175 Convert to percent

r = 1.75 %

The interest rate is 1.75 %.

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2 years ago

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Lyrx [107]

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We are given that:
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To convert 44 pounds into kg, all we have to do is cross multiplication as follows:
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Hope this helps :)

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3 years ago

The difference of two numbers is 15. The larger number is 1 more than 3 times the smaller number. What are the two numbers?

loris [4]

Answer:

7, 22

Step-by-step explanation:

Let S = the smaller number.

"The larger number is 1 more than 3 times the smaller number."

The larger number is 3S + 1.

The difference between the numbers is 15, so the larger number minus the smaller number equals 15.

3S + 1 - S = 15

2S + 1 = 15

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The smaller number is 7.

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3 years ago

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Step-by-step explanation:

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3 years ago

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