During her first year of college, Sara put $2000 in the bank to save for a trip to Italy after graduation. The money earned 3% s
2 answers:
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The sum of the balances of these accounts at the end of 5 years is given by: Option B: $53,901.59 (approx)
<h3>How to calculate compound interest's amount?</h3>If the initial amount (also called as principal amount) is P, and the interest rate is R% per unit time, and it is left for T unit of time for that compound interest, then the interest amount earned is given by:
The final amount becomes:
If the initial amount (also called as principal amount) is P, and the interest rate is R% annually, and it is left for T years for that simple interest, then the interest amount earned is given by:
For the considered case, we're given that:
- Initial amount in both accounts deposited = $24,000 = P
- Type of interest: Compound interest in first account and simple interest in second account
- Unit of time: Annually
- Rate of interest = 2.4% annually = R
- Total unit of time for which amount is to be calculated: 5 years = T
In first account, the final amount at the end of 5 years is evaluated as:
In second account, the final amount at the end of 5 years is evaluated as:
Total amount after 5 years in these accounts = (in dollars)
Thus, the sum of the balances of these accounts at the end of 5 years is given by: Option B: $53,901.59 (approx)
Learn more about compound interest here:
Answer:
2.4 inches per hour
Step-by-step explanation:
A total of 13.2 inches of snow fell during a snowstorm that lasted 5.5 hours and the same amount of snow fell each hour of the storm.
This means that there was a constant rate of snow fall.
To find how many inches of snow fell each hour, we divide the amount of snow fall by the amount of time that the snowstorm lasted.
That is:
R = 2.4 inches per hour
This means that 2.4 inches of snow fell each hour during the snowstorm.