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Naddika [18.5K]
2 years ago
13

Christine has $875.83 In her savings account the account pays 9% compounded monthly. Christine does not make any deposits or wit

hdrawals over the next six months how much interest does the account earn
Mathematics
1 answer:
Karolina [17]2 years ago
7 0

Answer: the account earns interest of $40.16

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

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

Where

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

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = 875.83

r = 9% = 9/100 = 0.09

n = 12 because it was compounded 12 times in a year.

t = 6 months = 6/12 = 0.5 year

Therefore,.

A = 875.83(1+0.09/12)^0.5 × 12

A = 875.83(1+0.0075)^6

A = 875.83(1.0075)^6

A = 915.99

The interest that she earns is

915.99 - 875.83 = $40.16

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Answer:

The number of knitted scarves is 10

The number of knitted mitten is 20

Step-by-step explanation:

Given as :

The cost of each knitted scarves = $50

The cost of pairs of mittens = $25

Total number of scarves and mitten bought = 30

The total money invested to pay for items = $1000

Let The number of knitted scarves = k

Let The number of mitten = m

<u>Now, According to question</u>

The total money invested to pay for items = cost of each knitted scarves × number of knitted scarves + cost of pairs of mittens × number of mitten

i.e $1000 = $50 × k + $25 × m

Or, 40 = 2 k + m

i.e 2 k + m = 40           ........A

And

Total number of scarves and mitten bought =  number of knitted scarves +  number of mitten

i.e k + m = 30            ...........B

Now, solving eq A and eq B

So, (2 k + m ) - ( k + m ) = 40 - 30

Or, (2 k - k) + ( m - m) = 10

Or, k + 0 = 10

∴  k = 10

So,  The number of knitted scarves = k = 10

Put the value of k into eq B

∵ k + m = 30

So, m = 30 - k

or, m = 30 - 10

∴  m = 20

The number of knitted mitten = m = 20

Hence,  The number of knitted scarves is 10 and The number of knitted mitten is 20  . Answer

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Answer:

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Step-by-step explanation:

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