Answer:
1 year=3.2%
2 year=6.4%
3 year=9.6%
Step-by-step explanation:
Since the% increases every year
So for the first year=
3.2% of 1
3.2%×1
3.2%
For second year
3.2% ×2
6.4%
For the third year
3.2% × 3
9.6%
Answer: $4,365.10
Step-by-step explanation:
Ok, we know that:
The account starts with $2350
There is a simple interest of 3.75% (or 0.035).
Then after one year, the amount in the account will increase by 3.75%, this means that the amount will be:
$2350 + 0.035*$2350 = (1.035)*$2350.
After another year, we have the same increase (but applied to the new amount in the account):
(1.035)*$2350 + 0.035*(1.035)*$2350. = (1.035)^2*$2350
And so on.
You already can see the pattern here, the amount of money in the saving account after N years will be:
M(N) = $2350*(1.035)^N.
Now we can answer:
what is the balance of the account if it earns a simple interest of 3.75% for 18 years?
Just replace N by 18 in that equation:
M(18) = $2350*(1.035)^18 = $4,365.10
let x = orginal price of the shorts
$21 = x(100%-20%) * 1.05
$21 = x(80%) * 1.05
$21 = 0.8x * 1.05
Subtract 1.05 from both sides
$19.95 = 0.8x
Divide 0.8 from both sides
$24.9375 = x
So the orginal price of the shorts are about $24.94
