Amy opened a savings account with $1750 she received for graduation. The account pays 4.3% simple interest. What is the balance
1 answer:
Given:
- The principal amount that Amy opened her savings account with is $1750.
- The rate of simple interest compounded annually is 4.3%.
- The time period for which we calculate the new balance is 6 months.
To Find:
The balance after 6 months.
Answer:
The balance after 6 months will be $1787.625
Step-by-step explanation:
The principal amount that Amy opened her savings account with is $1750. We can denote this by P.
The rate of simple interest compounded annually is 4.3% which we may denote by R.
The time period for which we calculate the new balance is 6 months which can be written as 0.5 years (since the rate of interest is compounded annually, we must consider the time period in terms of years).
The amount of money accrued from the interest can be calculated by the formula
Putting in the values given in the question, we have
The amount in the bank account will be the principal amount plus the amount of interest accrued that we have calculated above.
Thus, the balance after 6 months will be 1750 + 37.625 = $1787.625.
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Explanation:
When the inequality symbol is replaced by an equal sign, the resulting linear equation is the boundary of the solution space of the inequality. Whether that boundary is included in the solution region or not depends on the inequality symbol.
The boundary line is included if the symbol includes the "or equal to" condition (≤ or ≥). An included boundary line is graphed as a solid line.
When the inequality symbol does not include the "or equal to" condition (< or >), the boundary line is not included in the solution space, and it is graphed as a dashed line.
Once the boundary line is graphed, the half-plane that makes up the solution space is shaded. The shaded half-plane will be to the right or above the boundary line if the inequality can be structured to be of one of these forms:
- x > ... or x ≥ ... ⇒ shading is to the right of the boundary
- y > ... or y ≥ ... ⇒ shading is above the boundary
Otherwise, the shaded solution space will be below or to the left of the boundary line.
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Just as a system of linear equations may have no solution, so that may be the case for inequalities. If the boundary lines are parallel and the solution spaces do not overlap, then there is no solution.
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The attached graph shows an example of graphed inequalities. The solutions for this system are in the doubly-shaded area to the left of the point where the lines intersect. We have purposely shown both kinds of inequalities (one "or equal to" and one not) with shading both above and below the boundary lines.
