What is the total amount that Matthew's bank will receive after lending him $8,000 for four years at an interest rate of 6 perce
1 answer:
Answer:
Total amount that Matthew's bank will receive is $10099.81.
Step-by-step explanation:
We need to find the amount Matthew's bank will receive after lending him $8,000 for four years at an interest rate of 6 percent, compounded annually.
The formula for compound interest is:
Where A = future value
P= Principal Amount
r = interest rate
and n= time
So in the question we are given:
P= $8000
r = 6% or 0.06
t = 4 (since 4 yeras compounded annually)
A= 8000*(1+0.06)^4
A= 8000*(1.06)^4
A= 10099.81
So, total amount that Matthew's bank will receive is $10099.81.
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Answer:
333.3 meters per minute
Step-by-step explanation:
<u>The best way to solve this problem is using </u><u>dimensional anaysis</u><u>. First, we write out our starting units, that being 20km/1hr. We have to keep in mind that we want to change the kilometers to meters and the hours to minutes.</u>
<u>We know that there are 1000 meters in 1 kilometer. We add this to the dimensional analysis as 1000m/1km. We write it as this because we want the kilometers to cancel each other out. We only want the meters.</u>
<u>We also know that 1 hour is 60 minutes. We add this to the analysis as well so that the hours cancel each other.</u>
<u>We now solve this expression. Since both the kilometers and the hours cancel out, we have meters per minute as our unit. All that's left are the numbers.</u>
= (20*1000*1)/(1*1*60) m/min
= 333.3 meters per minute