Bill spent 60 dollars on fertilizer and weed killer for his lawn. Each pound of fertilizer costs 75 cents, and each ounce of wee
d killer costs $2.50. What equalion can represent the relationship between the number of pounds of fertilizer bill bought, x , and the number of ounces of weed killer he bought, y?
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Answer:
<em>Mrs. Adams will earn $3,120 of interest at the end of year 8.</em>
Step-by-step explanation:
<u>Simple Interest</u>
In simple interest, the money earns interest at a fixed rate, assuming no new money is coming in or out of the account.
We can calculate the interests earned by an investment of value A in a period of time t, at an interest rate r with the formula:
Mrs. Adams deposited an amount of A=$12,000 into an account that earns an annual simple interest rate of r=3.25%. We must find the interest earned in t=8 years. The interest rate is converted to decimal as:
The interest is then calculated:
Mrs. Adams will earn $3,120 of interest at the end of year 8.