The ending balance in the account is $18,937.5
Step-by-step explanation:
Simple Interest Equation (Principal + Interest) is A = P(1 + rt), where:
- A is the future value of the investment/loan, including interest
- P is the principal investment amount
- r is the annual interest rate in decimal)
- t is the time the money is invested or borrowed for
Dylan deposited 15,000 in an account that pays 7.50% simple interest for 3.5 years. We need to find the ending balance in the account
∵ Dylan deposited 15,000 in an account
∴ P = 15,000
∵ The account pays 7.5% simple interest for 3.5 years
∴ r = 7.5% = 7.5 ÷ 100 = 0.075
∴ t = 3.5
- Substitute all of these values in the rule above
∴ A = 15,000(1 + 0.075 × 3.5)
∴ A = 15,000(1 + 0.2625)
∴ A = 15,000(1.2625)
∴ A = 18,937.5
The ending balance in the account is $18,937.5
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Answer:
$864.94
Step-by-step explanation:
So the amount of money over time can be given with an exponential function y=a(b)^x or more specifically y=a(1+r)^x where r is the growth rate (interest rate)
So the equation can be written as
where m represents the amount of money over time, P represents the principle amount, and t represents time in years. Since we're given the amount of interest paid and not the total amount which includes the initial amount borrowed you have to subtract P from the equation. This will give us the equation that we'll use to find the initial amount
where I represents the interest paid.
plug the values into the equation
11 works because 11-5-4 is 2.
-1 also works because it is an absolute value question so it will also equal 2.
For section 1.....Problem a is 7.2 Problem B is 7.6 Problem C is 18.8 Problem E is 32.5 Problem F is 28.8 Problem G is 10 Problem I is 61.5 Problem J is 170.8 Problem K is 81.6.
For Section 2 Problem A is 9.36 Problem B is 10.35 Problem C is 25.85 Problem E is 1.82 Problem F is 3.28 Problem G is 2.8 Problem I is 42.21 Problem J is 56.16 Problem K is 7.65
