A college bookstore charges $60 for a yearly membership. The first book is free with membership and any book after that costs $7
1 answer:
Answer:
The equation representing Total money spend being as a member is
Step-by-step explanation:
Given:
Memberships charges = $60
Cost of 1 book = $7.60
Let number of books be 'b'.
We need to find Total money 'm' spend yearly on buying books after becoming member.
Now we know that 1 book is free for a member.
Total money spend 'm' will be equal to Sum Memberships charges and Cost of 1 book multiplied by number of books bought yearly minus 1.
Framing in equation form we get;
Hence The equation representing Total money spend being as a member is
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To solve this we are going to use the formula for compounded interest: 
where
is the final amount after 
years
is the initial amount
is the interest rate in decimal form
is the number of times the interest is compounded per year
is the time in years
We know for our problem that
, 
, and 
. Since the interest is compounded daily, it is compounded 365 times in year; therefore, 
. Lets replace those values in our formula to find :
We can conclude the amount in Diane's after 3 years will be <span>$1,603.31</span>
where
We know for our problem that
We can conclude the amount in Diane's after 3 years will be <span>$1,603.31</span>