Answer:
4 years and 2 months
Step-by-step explanation:
<u>Simple interest formula</u>
A = P(1 + rt)
where:
- A = final amount
- P = principal amount
- r = interest rate (in decimal form)
- t = time (in years)
Given:
- A = $500 × 2 = $1,000
- P = $500
- r = 24% = 0.24
Substitute the given values into the formula and solve for t:
Therefore, it takes 4 years and 2 months for the initial investment of $500 to double at a simple interested rate of 24%.
10x10= 100
10x10x10=1000
100+1000=10,000
If you convert 2/5 into a decimal which is 0.4 and multiply it by 100
you'll get 40 which means 2/5 is 40%
so 35% is less than 2/5
Answer:
The answer to your question is 5 weeks
Step-by-step explanation:
Data
Ryan Miles
$150 $50
each week = $40 each week = $60
x = savings
y = time in weeks
Process
1.- Write an equation for Ryan savings
x = 40y + 150
2.- Write an equation for Miles savings
x = 60y + 50
3.- Solve the system by Equality
40y + 150 = 60y + 50
- Solve for y
40y - 60y = 50 - 150
-20y = -100
y = -100 / -20
y = 5
4.- Conclusion
After 5 weeks, they will have the same amount of money.
Positive, since the negative signs cancel out.
