6x + 2y = 2 and 3x + y =1 solve by elimination
2 answers:
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Given:
Principal = $3000
Rate of interest = 4.7% = 0.047 compounded quarterly.
Time = 12 yeas
To find:
The value of John’s investment after 12 years.
Solution:
The formula for amount is
where, P is principal, r is rate of interest, n is number of times interest compounded in an year, t is number of years.
Substitute P=3000, r=0.047, n=4 and t=12 in the above formula.
Therefore, the required equation is .
We can further solve this.
Therefore, the value of John’s investment after 12 years is $5255.76.