how much must you deposit in an account that pays 8% annual interest compounded monthly to have a balance of $1,000 after one ye
1 answer:
Answer:
Step-by-step explanation:
we know that
The compound interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above and solve for P
You might be interested in
Given:
Total amount = $10
Cost of loaf of bread = $3.25
Cost of cheese = $5.99 per pound
Each slice weights = 0.04 pounds.
To find:
The inequality for the number of slices that Paul can afford to buy.
Solution:
Let x be the number of slices that Paul can afford to buy.
Weight of on slice is 0.04 pounds. So, weight of x slices is 0.04x pound.
Cost of cheese = $5.99 per pound
So, total cost of cheese for x slices = $5.99 × 0.04x
Now, Paul has $10 to buy bread and cheese for sandwiches. Cost of loaf of bread is $3.25.
Divide both sides by 0.2396.
The maximum integer value of x is 28.
Therefore, the required inequity is and 28 number of slices Paul can afford to buy.