0.15 * 60 = 9 or 15/100 * 60/1 = 900/100 = 9
Answer:
Step-by-step explanation:
<u>Direct variation equation:</u>
- y = kx, where k is constant of variation
<u>Given:</u>
<u>The equation is:</u>
<u>Find the value of x when y = 168:</u>
- 168 = 12x
- x = 168/12
- x = 14
Answer:
The amount in 20 years is $6,050.24
Step-by-step explanation:
Given the following information:
Principal (Present Value, or PV)= $3,100
Interest rate ( <em>r </em>)= 3.4% or 0.034
Number of compounding period (<em>n </em>)= 1 (annually)
Number of years ( <em>t </em>)= 20
We can use the Future Value formula to find out the value of $3,100 in 20 years:



FV = 3100(1.95169)
FV = $6,050.24
Therefore, the future value of the amount deposited is $6,050.24