Question

You make 8.5% interest a year on your investment account!

Answer 1

Answer:

$My~gain~in~that~year~was~\ 176.5$

Step-by-step explanation:

$Greetings!$

$I'm~Isabelle~Williams~and~will~be~answering~your~question!$

$I~have~\ 1,500 ~in ~my ~investment~ account.~ Rate~ of~ interest ~for~ a\\ ~year~ in~ my ~investment~account = 8.5$

$So,~ the~ amount~ of~ money~ I~ am ~making~ on ~my ~investment ~in ~a ~year:$

$=\ \frac{1500\times 8.5}{100}$

$=\ 127.5$

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$I ~owe~ \ 1600 ~on~ a ~credit~ card .~ Rate ~of ~ interest ~a ~year ~on~ this~ credit\\ card ~debt, = 19 \%$

$So,~ the~ money~ I~ am~ paying~ in~ interest ~in~ a~ year~ on~ my~ card~is:$

$=\ \frac{1600\times 19}{100}$

$=\ 304$

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$Since, ~neither~ I ~withdraw ~money~ from ~my~ investment~ account ~ except~ the\\ ~interest~ nor~ I ~pay~ my~ whole ~credit~ card ~debt~ except ~the ~interest,~ so,~ my~ gain~\\ in~ that~ year:$

$= \ (127.5 - 304)$

$=\ 176.5$

$Hope~my~answer~helps!~Have~an~amazing~day~ahead!$

$-Isabelle~Williams$