Answer:
Yes
Step-by-step explanation:
The early withdrawal fee on this account is $6.25
Step-by-step explanation:
Suppose you buy a CD for $1000
- It earns 2.5% APR and is compounded quarterly
- The CD matures in 5 years
- Assume that if funds are withdrawn before the CD matures, the early withdrawal fee is 3 months' interest
We need to find the early withdrawal fee on this account
∵ The annual interest is 2.5%
- Change it to decimal
∵ 2.5% = 2.5 ÷ 100 = 0.025
∴ The annual interest rate is 0.025
∵ The interest is compounded quarterly
∴ The interest rate per quarter = 0.025 ÷ 4 = 0.00625
∵ The early withdrawal fee is 3 months' interest
∵ You buy the CD for $1000
∵ A quarter year = 3 months
∴ The early withdrawal fee = 1000 × 0.00625 = $6.25
The early withdrawal fee on this account is $6.25
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Number of nickels plus number of dimes equals total number of coins
so
n + d = 40
then they tell us that "there are seven times as many dimes as there are nickels"
this translates to
d = 7n
we then plug that into our first equation
and get
n + 7n = 40
then we solve for n
add like terms
8n = 40
then divide both sides by 8
n = 40/8 = 5
therefore Jimmy has 5 nickels
