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adell [148]
3 years ago
14

Week 5 Quiz - Saving (15pts) 1. If the interest rate on a savings account is 0.01%, approximately how much money do you need to

keep in this account for 1 year to earn enough interest to cover a single $9.99 Below-Minimum-Balance Fee?
Mathematics
1 answer:
LenaWriter [7]3 years ago
4 0
In order to calculate the minimum amount required, we will first round the below-minimum-balance fee to $10. Next, we will use the equation:
A = I * (IR)^n, where A is the amount after n years and I is the initial investment and IR is the interest rate per year.
10 = I*(0.0001)^1
I = $100,000
$100,000 must be in the account to cover the minimum fees.
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<u>Given</u>:

The given graph represents the cost of the Kayak's rental per hour.

The coordinates are (2,30) and (3,45)

We need to determine the unit rate of renting per hour.

<u>Unit rate of renting:</u>

The unit rate of renting can be determined using the formula,

m=\frac{y_2-y_1}{x_2-x_1}

Substituting the coordinates (2,30) and (3,45), we get;

m=\frac{45-30}{3-2}

Simplifying, we get;

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