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3 years ago

8

Michael set up a bank account where he has his money deposited each month. After 4 months, he has $3200 and after 6 months he ha

s $4000. Write an equation where x is the number of months and y is the amount of money in Michael's account.

2 answers:

tigry1 [53]3 years ago

5 0

Step-by-step explanation:

Below is an attachment containing the solution.

TiliK225 [7]3 years ago

4 0

The solution is in the attachment

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3 years ago

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2 years ago

Mr. Gardener has $300,000 in a deposit account and receives 8 1 3 % interest annually. What annual interest (in dollars) does he

Luba_88 [7]

Answer:

The annual interest he receives is $25000

Step-by-step explanation:

We are given

Mr. Gardener has $300,000 in a deposit account

so,

P=300000

receives 8 1 3 % interest annually

so, r=8 1/3 %

$r=8\frac{1}{3} =\frac{8\times 3+1}{3} =\frac{25}{3}$ %

time =1 year

so, t=1

now, we can use interest formula

$I=\frac{P\times r\times t}{100}$

now, we can plug values

$I=\frac{300000\times \frac{25}{3}\times 1}{100}$

now, we can simplify it

$I=25000$

So,

The annual interest he receives is $25000

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4 years ago

Read 2 more answers