+ PRINCIPLES OF MATHEMATICS
1 answer:
Answer:
$9,840
Step-by-step explanation:
Let the money earned from college be 'x'.
Given:
Total money earned from the two jobs = $50,450
Money earned at the store = 1250 + 4(Money earned at college)
∴ Money earned at the store =
Now, total money earned by Erica is the sum of money earned at store and college. Therefore,
Total money = Money at store + Money at college
Therefore, the money earned by Erica from her job at the college is $9,840.
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Answer:
Approximately 22.97 years
Step-by-step explanation:
Use the equation for continuously compounded interest, which uses the exponential base "e":
Where P is the principal (initial amount of the deposit - unknown in our case)
A is the accrued value (value accumulated after interest is compounded), in our case it is not a given value but we know that it triples the original deposit (principal) so we write it as: 3 P (three times the principal)
k is the interest rate : 5% which translates into 0.05
and t is the time in the savings account to triple its value (what we need to find)
The formula becomes:
To solve for "t" we divide both sides of the equation by P (notice it cancels P everywhere), and then to solve for the exponent "t" we use the natural logarithm function: