compound interest: if 1000$ is compounded continuously at 3% interest, how much money will you have in 5 years? (use the growth
1 answer:
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Answer:
1) True 2) True 3) False 4) True
Step-by-step explanation:
In this question let's verify those options
1.Triangle A B C is inside triangle D E F. (true)
If A, B and C are midpoints of DEF then connecting those midpoints we have an interior triangle.
2. Point A is the midpoint of side F D, point B is the midpoint of side D E, point C is the midpoint of side F E. (true)
3. Angles D F E and A B C are right angles. (false)
These triangles are similar. And In this case, the right angles are:
D and C are opposed to the larger side, and not F, and B
Because:
4. The length of D E is 10 centimeters, the length of F D is 6 centimeters, and the length of F E is 8 centimeters. (true)
Let's test this by the Pythagorean Theorem. For DE is the hypotenuse and FD and FE is their legs.
Step-by-step explanation:
Swap the sides of the equation :
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We want to remove the 17.56 first.
Since the original equation is 17.56 , we are going to use the opposite operation and subtract 17.56 from both sides :
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Simplify. 17.56 - 17.56 = 0 on the left. 30.16 - 17.36 = 12.6 on the right.
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Then, we need to think about how to remove the coefficient 5. Since the opposite of multiplication is division , I am going to divide both sides by 5.
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Simplify. 5/5 = 1 on the left and 12.6/5 = 2.52 on the right. So, Our answer is x = 2.52.
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Answer:
a) $161.8
b i) Approximately 327.7 hours
ii) The cost of saving is less but the opportunity cost of saving can be higher with regards to technology and regulation
Step-by-step explanation:
The amount Mary would like to save, FV = $10,000
The time Mary over which Mary intends to save the amount, t = 5 years
Therefore, the number of monthly payments, n = 12
a) The amount in interest the bank pays compounding, i = 1.2% per annum
The amount that Mary will deposit each month is given as follows;
The compound interest formula is given as follows;
Where;
PMT = The monthly payment
Therefore, we get;
PMT = 10,000/((1 + 0.012/12)^(60) - 1)/(0.012/12)) ≈ 161.8
The amount she needs to deposit monthly, PMT ≈ $161.8
b i) Given that the minimum wage varies and we have a minimum wage here is officially approximately $79, which is 160 hours a month work
The number of hours work needed = 161.8/79 × 160 ≈ 327.7 hours a month approximately
b ii) Given that the interest rate for saving is lower than the interest rate for borrowing, the amount paid by saving is much lesser than the amount paid back when borrowing, therefore, it is more cost effective to save
However, while saving, changes may take place, such as the use of what is being saved for, therefore, it can be more beneficial to borrow and make use of the items now while they are still available and acceptable, such as the drive towards net zero is making fuel based cars less popular with the drive being towards electric cars.