Bryan invests $500 in an account earning 3.5% interest that compounds annually. If he makes no additional deposits or withdraws,
1 answer:
Answer:
$705.30, $837.67, $994.89 Respectively
Step-by-step explanation:
Given
P= $500
r= 3.5%= 3.5/100= 0.035
Applying the compound interest formula we have
where
A = final amount
P = initial principal balance
r = interest rate
t = number of time periods elapsed
<h2>1. for t= 10 years</h2>A= $705.30
<h2>2. for t= 15 years</h2>A= $837.67
<h2>3. for t= 20 years</h2><h2>
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At some point, she will sell enough cards so that her sales cover her expenditures. So, the correct answer is ($40)
<h3> How did we figure this out?</h3>Lola is making greeting cards, which she will sell by the box at an arts fair. She paid $50 for a booth at the fair, and the materials for each box of cards cost $8. She will sell the cards for $10 per box of cards.
We are going to use 50, 8 and 10 to find are answer.
Therefore, we are going to divide the numbers:
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- 8 x ? = 40
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