The balance after one year if you deposit one $50 envelope each month, all year is $613.95.
<h3>What is the balance after one year?</h3>
The balance after 1 year can be determined using this formula:
Amount deposited monthly x annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
Where:
- r = interest rate = 5% /12 = 0.417%
- n = number of years = 1 x 12 = 12
Annuity factor = 1.004167^12 - 1 / 0.00417 = 12.279082
Balance = 12.279082 x 50 = $613.95
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Answer:
a = 8; b = -9
Step-by-step explanation:
Filling in the given values gives you two equations.
7 = a(2) +b
-1 = a(1) +b
Subtracting the second equation from the first gives ...
(7) -(-1) = (2a +b) -(a +b)
8 = a . . . . . simplify
Using this value in the first equation gives ...
7 = (8)(2) +b
b = 7 -16 = -9
The constants are a = 8, b = -9.
Answer:
5 books per month
Step-by-step explanation:
We are trying to find a rate.
To find books per month, we would take the number of books and divide it by the number of months.
This would give us 10 books/2 months.
10/2 simplifies to 5.
Therefore the answer would be 5 books per month.
