Sarah had invested $800 in a savings account that paid 4.2% interest compounded annually. How much money was in the account afte
1 answer:
Answer: $943.11
<u>Step-by-step explanation:</u>
Compound Interest formula is: where
- A is the Accrued amount (total earned)
- P is the Principal (amount initially invested)
- r is the interest Rate (convert percent to a decimal)
- t is the Time (number of years)
It is given that; P = 800 r = 4.2% (0.042) t = 4
A = 800(1 + 0.042)⁴
A = 800(1.042)⁴
A = 943.106 → A = 943.11 (rounded to the nearest penny)
Sarah invested $800 for four years at an interest rate of 4.2% and accrued $943.11
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First, let's check if the sequence is geometric or arithmetric.
If arithmetric, the sequence will have common difference.
<u>A</u><u>r</u><u>i</u><u>t</u><u>h</u><u>m</u><u>e</u><u>t</u><u>r</u><u>i</u><u>c</u>
d stands for a common difference. Common Difference means that sequences must have same difference after subtracting.
<u>G</u><u>e</u><u>o</u><u>m</u><u>e</u><u>t</u><u>r</u><u>i</u><u>c</u>
r stands for a common ratio.
To find the value of y, you can check the sequence. If we try subtracting the sequences, the differences are different. That means the sequences are not arithmetric. That only leaves the geometric sequence.
Let's check by dividing sequences.
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Hence, the sequence is geometric.
Because the common ratio is -3. Let these be the following:
From the:
Substitute the values in.
Multiply the whole equation by 2 to isolate y.
Therefore, the value of y is -6.