What is the simplified expression for 6 (2 (y + x))?
2 answers:
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The compound interest is applied to the remaining balance in the account
each subsequent year.
- The amount that must be deposited is approximately <u>$620.07</u>
Reasons:
The given compound interest rate, r = 6.25% = 0.0625
The balance in the account after 2 years, A = $700
Required:
The required deposit, <em>P</em>, that gives the given account balance after 2 years.
Solution:
The following is the compound interest formula to use;
Where;
t = 2 years
We get;
Which gives;
- The amount that must be deposited to give $700 after 2 years is P ≈ <u>$620.07</u>
Learn more about compound interest here:
Answer:
No, because both of them will never be able to match; become equivalent. You would have to multiply 2 different numbers to make them match, meaning they would not be proportional. For a comparison to be proportional, the ratio you are trying to simplify to must be achieved by multiplying 2 numbers from the previous ratio by one LCD.
They are<em> able</em> to make 12/21, but that does not mean they are proportional.