Answer:
$19,747.96
Step-by-step explanation:
You are going to want to use the continuous compound interest formula, which is shown below:
<em>A = total</em>
<em>P = principal amount</em>
<em>r = interest rate (decimal)</em>
<em>t = time (years)</em>
<em />
First, lets change 5.5% into a decimal:
5.5% -> 
-> 0.055
Next, plug in the values into the equation:
After 5 years, you will have $19,747.96
Answer:
5
Step-by-step explanation:
3x -12 = -36
-36 ÷ -3 = 12
-7 + 12 = 5
2(4y+1) = 3y. We need to solve for y.
First let's get ride of the parenthesis by developing 2(4y+1). This means to multiply 2 by 4y and 2 by 1, and add them.
2(4y+1) = 2*4y + 2*1 = 8y + 2
So 2(4y+1)=3y
8y+2 = 3y
Then you subtract 8y from each side to have the variables on a side and the numbers on the other:
3y - 8y = 8y + 2 - 8y
-5y = 2
Then you divide each side by -5 to get the variable y alone on a side and its value on the other:
(-5y)/-5 = 2/-5
y = -2/5
You can re-check your answer (very important):
2(4y + 1) = 2(4*-2/5 + 1) = -1.2
3y = 3 * -2/5 = -1.2
So 2(4y+1)=3y= -1.2
The answer has been approved.
Hope this Helps! :)
Lyn made a better investment.
Her money will grow quicker than Lee because the money grows by 8% annually, and then the next year 8% off of the new balance.
Lee's money will only grow by 8% from the original price.
