Interest paid after 30 years is $494,546.99.
Solution:
Principal (P) = $195,000
Interest rate (r) = 4.3%
Time (t) = 30 years
n = number of times interest calculated per year
n = 1
Compound interest formula:
where A is the final amount
A = 689546.99
Interest = Amount - Principal
= 689546.99 - 195000
= 494546.99
Interest paid after 30 years is $494,546.99.
The inequality is t < 55
<em><u>Solution</u></em><em><u>:</u></em>
Given that, To qualify for the championship a runner must complete the race in less than 55 minutes
Let "t" represent the time in minutes of a runner who qualifies for the championship
Here it is given that the value of t is less than 55 minutes
Therefore, "t" must be less than 55, so that the runner qualifies the championship
<em><u>This is represented by inequality:</u></em>
The above inequality means, that time taken to complete the race must be less than 55 for a runner to qualify
Hence the required inequality is t < 55