Answer: No, the money won't be enough to buy the car
Step-by-step explanation:
you plan on buying yourself a new $20,000 car on graduation day and graduation day is 24 months time. If you invest $300 a month for the next 24 months.
The principal amount, p = 300
He is earning 4% a month, it means that it was compounded once in four months. This also means that it was compounded quarterly. So
n = 4
The rate at which the principal was compounded is 4%. So
r = 4/100 = 0.04
It was compounded for a total of 24 months. This is equivalent to 2 years. So
n = 2
The formula for compound interest is
A = P(1+r/n)^nt
A = total amount that would be compounded at the end of n years.
A = 300(1 + (0.04/4)/4)^4×2
A = 300(1 + 0.01)^8
A = 300(1.01)^8
A = $324.857
The total amount at the end of 24 months is below the cost of the car which is $20000. So he won't have enough money to buy the car
Answer:
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Step-by-step explanation:
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Answer: x=-1 and y= -3
Step-by-step explanation:
Solve for x, x+y=-4
Minus y from both sides so it'll be X=-y-4
Now substitute -y-4 in x-y=2 and solve for y
-y - 4 -y=2
Add like terms, -2y - 4=2
Add 4 to both sides -2y=6
Divide both sides by -2 
y= -3
Substitute -3 in x=-y - 4
x=-(-3) - 4
- × (-3)= 3
3 - 4= -1
x= -1
Omar makes $882.25 a month
Donna = 2x
Omar = x
Alex = x - 209
4x - 209 = 3320
4x = 3529
x = $882.25
