Question

I'm putting this up for 45 points so please answer both! This is pre-algebra

Answer 1

Okay, so this is a simple interest calculation, the formula for this is:

A = P(1 + rt) P = Principal, r = interest rate, and t = period of time

Convert time period to decimal:

1/4 = .25
2 3/4 = 2.75

Convert interest rates to decimals.

10.5% = .105
5.9% = .059

Now plug in the variables into the formula and calculate.

A = 7,000(1 + (.105 * .25))
= 7,000(1.02625)
= 7,183.75

A = 1,900(1 + (.059 * 2.75))
= 1,900(1.16225)
= 2,208.275