I have an answer in mind, but i'm not 100% sure. I re-read the question, and I got 2x+3.
Answer:
there is an economic principle that states that 1 dollar today is worth more than 1 dollar in the future, since an invested dollar could earn interests and gain value.
For example, we can assume a 6% interest rate (0.5% monthly interest rate), and using the present value formula we can determine the present value of $100:
- given to us in 30 days = $100 / (1 + 0.5%)¹ = $99.50
- given to us in 150 days = $100 / (1 + 0.5%)⁵ = $97.54
- given to us in 300 days = $100 / (1 + 0.5%)¹⁰ = $95.13
In order to calculate the value of $100 given to us tomorrow, we would need to determine a daily interest rate = 6% / 360 = 0.00017
- $100 given to us tomorrow = $100 / (1 + 0.00017)¹ = $99.98
since the amount of money is not that large and the interest rate is rather low, the difference in value is not that large. But imagine if you used a 24% interest rate instead of 6% (monthly interest rate = 2%)
- $100 given to us in 30 days = $100 / (1 + 2%)¹ = $98.04
- $100 given to us in 150 days = $100 / (1 + 2%)⁵ = $90.57
- $100 given to us in 300 days = $100 / (1 + 2%)¹⁰ = $82.03
as the interest rate increases, the present value decreases.
Answer:
The drama club can purchase 1429 programs
Step-by-step explanation:
Answer:
3/25
Step-by-step explanation:
3/5 *3/15
9/75
Simplified 3/25
Answer:
- $12,000 at 4%
- $9,000 at 2%
Step-by-step explanation:
If x represents the amount invested at 4%, then the total interest earned is ...
0.04x + 0.02(21000 -x) = 660
0.02x = 240 . . . . . . . . . . . simplify, subtract 420
x= 240/0.02 = 12,000 . . . . amount invested at 4%
21,000 -x = 9,000 . . . . . . . . amount invested at 2%
The amount invested at 2% is $9,000.
The amount invested at 4% is $12,000.
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<em>Comment on method of solution</em>
These problems can usually be solved using one variable for the amount associated with the highest contribution to the mix. Here, that is the amount getting 4% interest. This keeps the numbers in the solution positive, helping to minimize errors. As you can see, the solution develops in about 2 or 3 steps. Other methods can take longer.