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enot [183]
4 years ago
5

How much would $500 invested at 5% interest compunded monthly be worth after 4 years? Round amswer to nearest cent

Mathematics
1 answer:
Gekata [30.6K]4 years ago
4 0
The formula is
A=p (1+r/k)^kn
A future value?
P present value 500
R interest rate 0.05
N time 4 years
K compounded monthly 12

A=500×(1+0.05÷12)^(12×4)
A=610.45
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We have to write the equation which represents Katya's earnings while tutoring and working in a book store is given as follows:  

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She makes $8.50 an hour while working in the bookstore. Let's say she works for 'y' hours in the bookstore in a day. She will make 8.50 \times y = 8.50y dollars by working in the bookstore.

Therefore, the equation representing her total amount of money that she makes from both the places is given by:

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Since, Tution for 16 weeks is $5,736.  So the amount of tuition for each week is =\frac{5736}{16}= 378.5 dollars

So, Katya needs to make 378.50 dollars a week.

Since, She worked for 21 hours in the book store, so she makes  

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Since she makes 20 dollars an hour from tutoring.  

She needs to tutor =\frac{180}{20} =9 hours a week to make the rest of the tuition.

So, Katya has to work for 9 hours in tutoring.

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