governor A earns 52,035 more than governor b. total of their salaries is 291,035 find the salaries of each.

1 answer:

6 0

Governor A earns 171,535. Governor B earns 119,500. Heres why! First subtract 52,035 from the total, 291,035 to get the total of both of there prices combined (before adding the extra 52,035 to Governor A). After doing that you will get 239,000. Now divide that by 2, (because that's the combination of both governors money before adding the 53,035 to governor A). Doing that will get you 119,500 <- (this is Governors B amount). So now to find the price of Governor A, add 52,035 (the more amount they get) to have how much Governor A makes. To check it, add both of there earnings to get the end price again of 291,035. I hope this helped :)

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$r$ is the interest rate in decimal form
$n$ is the number of times the interest is compounded per year
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We know for our problem that $P=6200$ and $t=5$ . To convert the interest rate to decimal form, we are going to divide the rate by 100%:
$r= \frac{6}{100} =0.06$
Since the deposit is made semiannually, it is made 2 times per year, so $k=2$ .
Since the type of the annuity is ordinary, payments are made at the end of each period, and we know that we have 2 periods, so $n=2$ .
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$FV=P[ \frac{(1+ \frac{r}{n} )^{kt} -1}{ \frac{r}{n} } ]$
$FV=6200[ \frac{(1+ \frac{0.06}{2} )^{(2)(5)} -1}{ \frac{0.06}{2} } ]$
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We can conclude that the correct answer is <span>$71,076.06</span>

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