A certificate of deposit earns 1% interest every three months. The interest is compounded.
2 answers:
Answer:
Option C.
Step-by-step explanation:
The formula for amount after compound interest is
where, P is principal, r is annual rate of interest, r/n is per period interest, n is number of time interest compounded in 1 year, t is number of years.
Given information:
Principle :
Per period interest :
Number of time interest compounded in 1 year :
Number of years :
Using the formula we get
The value of a $35,000 investment after 6 years is $44,440.71.
Therefore, the correct option is C.
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Answer:
Tomas added 6 to both sides of the equation instead of subtracting 6.
Step-by-step explanation:
Tomas is making trail mix using granola and walnuts. He can spend a total of $12 on the ingredients. He buys 3 pounds of granola that costs $2.00 per pound. The walnuts cost $6 per pound. He uses the equation 2x + 6y = 12 to represent the total cost, where x represents the number of pounds of granola and y represents the number of pounds of walnuts. He solves the equation for y, the number of pounds of walnuts he can buy.
Given:
2x + 6y = 12
where
x = number of pounds of granola y = number of pounds of walnuts
The correct solution to the problem
x = 3 pounds
2x + 6y = 12
2(3) + 6y = 12
6 + 6y = 12
Subtract 6 from both sides
6 + 6y - 6 = 12 - 6
6y = 6
Divide both sides by 6
y = 6/6
= 1
y = 1 pound
Tomas added 6 to both sides of the equation instead of subtracting 6.
