Five friends split the cost of parking at an amusement park. Each of them also buys a$30 ticket.write an algebraic expression th
2 answers:
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x = 8
Since x = 8, you can plug in/substitute 8 for "x" in the equation:
2.82842
2.83 You answer is the 4th option
x = 9
Plug in 9 for "x" in the equation
4 Your answer is the 1st option
$7881.18
Step-by-step explanation:
Let the initial Investment be . The Interest is compounded on a monthly basis at 12% annual interest rate. After 17 years, the Investment amounts to $60,000.
As the annual interest rate is 12%, the monthly interest rate is 1%.
Since this is a compound interest problem, the total amount can be modeled as follows:
Here is the interest rate, i.e
, and t is the number of time periods, i.e
=
∴ Initial Investment = $7881.18