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.
Upon asking I got the rest of the information needed to answer this question.
-> Which one becomes a repeating decimal?
Your answer is D. 1/9.
1/9 = 0.111111111111111111111111111111111 ... or 0.1 repeating. It can be written with a line over the 1 asyou can see in the attached.
This means that D is the answer to your question.
Answer:
Amount invested at 8% is $9000 and amount invested at 18% is $21000.
Step-by-step explanation:
Let amount invested at 8% be x.
Let amount invested at 18% be y.
We get the 1st equation as:
........(1)
We get the second equation as:
=>
or getting rid of the decimal by multiplying by 100 on both sides.
........(2)
Multiplying (1) by 8 and subtracting from (2) we get
So, y = 21000
And
So, x = 9000
Therefore, amount invested at 8% is $9000 and amount invested at 18% is $21000.