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antiseptic1488 [7]
3 years ago
5

Jenny wants to give her 14-year-old daughter $20,000 when she turns 18. How much does she need to put in the bank now if the int

erest rate is 10 percent per year?
Mathematics
1 answer:
pochemuha3 years ago
6 0

let's suppose it's her birthday ( in a few days)

Considering the interest rate by the end of the period she would have to had gathered 18 000 in the account which represents whatever g sum she has put together in the first 3 years +10%of that sum+what she has to add in the forth year and so on so she can deposit the sum she's got so far

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keeping in mind that parallel lines have the same exact slope, hmmmm what's the slope of the line above anyway?

\bf 3y-x=-12\implies 3y=x-12\implies y=\cfrac{x-12}{3}\implies y = \cfrac{x}{3}-\cfrac{12}{3} \\\\\\ y = \stackrel{\stackrel{m}{\downarrow }}{\cfrac{1}{3}}x-4\qquad \impliedby \begin{array}{|c|ll} \cline{1-1} slope-intercept~form\\ \cline{1-1} \\ y=\underset{y-intercept}{\stackrel{slope\qquad }{\stackrel{\downarrow }{m}x+\underset{\uparrow }{b}}} \\\\ \cline{1-1} \end{array}

so we're really looking for the equation of a line whose slope is 1/3 and runs through (18,2)

\bf (\stackrel{x_1}{18}~,~\stackrel{y_1}{2})~\hspace{10em} \stackrel{slope}{m}\implies \cfrac{1}{3} \\\\\\ \begin{array}{|c|ll} \cline{1-1} \textit{point-slope form}\\ \cline{1-1} \\ y-y_1=m(x-x_1) \\\\ \cline{1-1} \end{array}\implies y-\stackrel{y_1}{2}=\stackrel{m}{\cfrac{1}{3}}(x-\stackrel{x_1}{18}) \\\\\\ y-2=\cfrac{1}{3}x-6\implies y=\cfrac{1}{3}x-4

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