A student has some $1 and $5 bills in his wallet. He has a total of 14 bills that are worth $34. How many of each type of bil
1 answer:
Solution:
we are given that
A student has some $1 and $5 bills in his wallet.
Let there x $1 bills and y number of $5 bills.
He has a total of 14 bills that are worth $34.
So we can write
Now solve these two equations together using substitution as follows
Hence there are 9 $1 bills and 5 bills are of $5.
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The person would have to leave the money in the bank for 7.8 years for it to reach 13,500 dollars.
Step-by-step explanation:
Step 1; First we must calculate how much interest is generated for a single year. The annual interest rate is 4.5% i.e. 4.5% of 10,000 dollars which equals 0.045 × 10,000 = 450 dollars a year. As the years pass, more and more will be put into the account due to interest.
Step 2; For there to be 13,500 dollars in the bank account we need to calculate how much money is added due to interest.
The money needed to be added through interest = 13,500 - 10,000 = 3,500 dollars.
So we need to determine how long it will take for the bank to add 3,500 dollars by adding 450 dollars a year.
The number of years to reach 13,500 dollars = = 7.777 years. By rounding this value to the nearest tenth, we get 7.8 years.