Curtis has $600 and is spending $30 per
1 answer:
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Answer:
(a)His monthly Interest Rate=0.8%
(b)Annual Interest Rate = 9.6%
(c)
Step-by-step explanation:
For a Principal P invested at a yearly rate r, compounded m times in t years
Amount at Compound Interest=
Comparing with Jerry's equation y=388 (1.008)
(a)His monthly Interest Rate= 0.008=0.8%
(b)Annual Interest Rate= Monthly Interest Rate X 12 =0.8 X 12 = 9.6%
(c)If I invest $500 at the same rate of return,
Total Money after m months
=
First, find the slope (m) = =
=
=
Now plug in ONE of the points and the slope into the point-slope equation:
y - y₁ = m(x - x₁); where (x₁, y₁) is the chosen point.
y - 5 = (x - 1) (I used (1,5) as the chosen point)
3(y - 5) = x - 1
3y - 15 = x - 1
3y -14 = x
-14 = x - 3y → x - 3y = -14
Answer: x - 3y = -14