Your Daily Sale Goal should be $611.61 to achieve the $18.65k monthly goal
Answer:
I would rather do the second option of which uses Compound interest that will give a profit of $47.85
Step-by-step explanation:
In this problem we will be exploring the two formulas
1. simple interest
A= P(1+r*t)
2. compound interest
A= P(1+r/n)^nt
Where A= final amount
P= initial amount
r= rate
t= time.
n= number of periods Compounded
1.given data
P= $600
r= 3%= 3/100= 0.03
t= 2 years
A= 600(1+0.03*2)
A= 600(1+0.06)
A= 600(1.06)
A= $636
Interest = 636-600= $36
2. Given data
P= $600
r= 4%= 4/100= 0.04
n= 24
t= 2
A= 600(1+0.04/24)^24*2
A=600(1+0.0016)^48
A=600(1.0016)^48
A= 600*1.07975
A= 647.85
Interest = 647.85-600= $47.85
Let us determine each of their rates of work:
Since Tiana can clear the field in 3 hours, meaning she can do 1/3 of the work per hour.
In the same way, Jacob can do 1/2 of the work per hour.
Now, what would be the rate of work if they were working together? Let's look at it like this:
Hours to complete the job:
Tiana = 3
Jacob = 2
Together = t
Work done per hour:
Tiana = 1/3
Jacob = 1/2
Together = 1/t
If you add their labor together:
1/3 + 1/2 = 1/t
5/6 = 1/t
t = 6/2 = 1.2
Together, they can clear the field in 1.2 hours.
