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fenix001 [56]
3 years ago
14

What is the balance after 7 years if you deposit $2800 in an account that pays 4% interest compounded yearly ?

Mathematics
1 answer:
SVEN [57.7K]3 years ago
6 0

Answer:the balance after 7 years is $3216

Step-by-step explanation:

A) Initial amount deposited into the account is $2800 This means that the principal,

P = 2800

It was compounded yearly. This means that it was compounded once in a year. So

n = 1

The rate at which the principal was compounded is 4%. So

r = 4/100 = 0.04

It was compounded for 7 years. So

t = 7

The formula for compound interest is

A = P(1+r/n)^nt

A = total amount in the account at the end of t years. Therefore

A = 2800(1 + 0.04/2)^ 1× 7

A = 2800(1 + 0.02)^7

A = 2800(1.02)^7

A = $3216

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Step-by-step explanation:

The equations need to match the problem statements. If we let C and S represent the costs of Cherry and Sweet potato pies, respectively, then the revenue from each sale can be expressed as an equation.

  1 cherry and 7 sweet potato for $114   ⇒   C +7S = 114

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Note that we have used C and S in the second equation in the same order as they appeared in the first equation, even though the problem statement has that order reversed. This facilitates solving the equations using elimination or Cramer's rule.

These equations match Option 4.

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The cost of a cherry pie can be found by eliminating S from the equations. We can do that by subtracting twice the first equation from the second:

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