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BartSMP [9]
3 years ago
10

How much must you deposit in an account that pays 7% annual interest compounded yearly to have a balance of $550 after 5 years?

Please answer quick! Thank uuu
Mathematics
1 answer:
myrzilka [38]3 years ago
6 0

Answer:

Correct answer: Deposit D = 392 $

Step-by-step explanation:

Given:

The ultimate value or balance  B = 550 $

interest rate r = 7 %  in decimal notation r = 0.07

n = 5 years   accounting period

Deposit  D = ?

This is a compound interest account to which the following formula applies:

B = D (1 + p)ⁿ  ⇒  D = B /  (1 + p)ⁿ

D = B /  (1 + p)ⁿ = 550 / (1 + 0.07)⁵ = 550 / 1.4 = 392.14 ≈ 392 $

D = 392 $

God is with you!!!

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The rate of the passenger train is 81.67 MPH and the rate of the freight train is 66.67 MPH.

<h3>What is a linear equation?</h3>

It is defined as the relation between two variables, if we plot the graph of the linear equation we will get a straight line.

If in the linear equation, one variable is present, then the equation is known as the linear equation in one variable.

We have:

The distance traveled by passenger train = 245 miles

The distance traveled by freight train = 245 miles

The time takes for both trains is the same.

Let's suppose the rate of the passenger train is x and the rate of the freight train is y;

As we know,

Distance = speed×time

245/x = 200/y

200x = 245y

200x - 245y = 0 ..(1)

x = 15 + y ..(2)

Equations (1) and (2) represent the situation.

After solving equations (1) and (2):

\rm x=\dfrac{245}{3}= 81.67\\\\\\\:y=\dfrac{200}{3}=66.67

Thus, the rate of the passenger train is 81.67 MPH and the rate of the freight train is 66.67 MPH.

Learn more about the linear equation here:

brainly.com/question/11897796

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