cynthia invests some money in a bank which pays 5% compound interest per year. She wants it to be worth over £8000 at the end of
1 answer:
Answer:
The smallest amount is
Step-by-step explanation:
we know that
The compound interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above
solve for P
Round to the nearest pound she can invest
The smallest amount is
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Answer:
Step-by-step explanation:
Given the points (3, 9) and (9, 1), we must first solve for the slope of the line before proceeding with writing the point-slope form.
In order to solve for the slope (<em>m </em>), use the following formula:
m = (y₂ - y₁)/(x₂ - x₁)
Let (x₁, y₁) = (3, 9)
(x₂, y₂) = (9, 1)
Substitute these values into the given formula:
m = (y₂ - y₁)/(x₂ - x₁)
m = (1 - 9)/(9 - 3)
Therefore, the slope of the line, m = -4/3.
Next, using the slope, m = -4/3, and one of the given points, (x₁, y₁) = (3, 9), substitute these values into the following point-slope form:
y - y₁ = m(x - x₁)
⇒ This is the <u>point-slope form</u>.