Answer:
It will take an interest rate of 8.1% to get 150% of the initial investment in just 5 years.
Step-by-step explanation:
Use the formula for continuous compounding
where r stands for the (annual) interest rate, t for time in years, P for the initial principal (investment) and X is the amount after t years.
(this formula can be beautifully derived from just basic considerations, btw)
We are given t=5, and percent increase on the initial P, so we can solve for r
It will take an interest rate of 8.1% to get 150% of the initial investment in just 5 years.
The month in which Company B's payment will first exceed Company A's payment is C) Month 7.
Step-by-step explanation:
Step 1:
Company A offers $6,000 for the first month and increases the salary each month by $5,000.
Company B offers $700 for the first month but doubles the payments each month.
We need to determine which month company B's payment is greater than company A's payment.
Step 2:
According to the table, at month 6 company A pays $31,000 while company B pays $22,400.
However after this month, in the seventh-month company A pays $36,000 while company B pays $44,800, which is higher than company A's salary.
So The month in which Company B's payment will first exceed Company A's payment is C) Month 7.
All you gotta do is subtract both of the numbers to get how much you need.
93 - 75 = 18
We can double check to see if it's right by using addition
18 + 75 = 93
Sonny needs to borrow 18$ to meet his required amount :D
Answer:
35 pounds of $8.00 tea and 15 pounds of $6.00 tea
Step-by-step explanation:
Let x represent the pounds of tea of the $8 kind. 8x would represent the total cost of that type of tea. We can also say 50 - x is the pounds of tea of the $6 kind, so 6(50 - x) is the total cost of that type of tea. 50 * 7.4 represents the total cost of all the tea, and the expression 8x + 6(50 -x) would also represent the same thing. We can write this as an equation,
8x + 6(50 -x) = 50 * 7.4
simplify,
8x + 300 - 6x = 370
2x + 300 = 370
and solve.
2x = 70
x = 35
This means there is 35 pounds of the $8 kind.
We can subtract that from 50 to find,
50 - 35 = 15,
15 pounds is the amount of the $6 kind.
