The amount for the investment of $6000 will be a.$6369 b. $6090 and c.$6030.
<h3>What is compound interest?</h3>
Compound interest is the interest levied on the interest. The formula for the calculation of compound interest is given as:-
![A=P[1+\dfrac{r}{n}]^{nt}](https://tex.z-dn.net/?f=A%3DP%5B1%2B%5Cdfrac%7Br%7D%7Bn%7D%5D%5E%7Bnt%7D)
a) The amount in the bank after 6 years if interest is compounded annually.
![A=P[1+\dfrac{r}{1}]^{t}\\\\\\A=6000[1+\dfrac{0.01}{1}]^{ 6}](https://tex.z-dn.net/?f=A%3DP%5B1%2B%5Cdfrac%7Br%7D%7B1%7D%5D%5E%7Bt%7D%5C%5C%5C%5C%5C%5CA%3D6000%5B1%2B%5Cdfrac%7B0.01%7D%7B1%7D%5D%5E%7B%20%206%7D)
A= $6369
b) The amount in the bank after 6 years if interest is compounded quarterly.
![A=P[1+\dfrac{r}{4}]^{4t}\\\\\\A=6000[1+\dfrac{0.01}{4}]^{4\times 6}](https://tex.z-dn.net/?f=A%3DP%5B1%2B%5Cdfrac%7Br%7D%7B4%7D%5D%5E%7B4t%7D%5C%5C%5C%5C%5C%5CA%3D6000%5B1%2B%5Cdfrac%7B0.01%7D%7B4%7D%5D%5E%7B4%5Ctimes%206%7D)
A= $6090
c ) The amount in the bank after 6 years if interest is compounded monthly.
![A=P[1+\dfrac{r}{12}]^{4t}\\\\\\A=6000[1+\dfrac{0.01}{12}]^{12\times 6}](https://tex.z-dn.net/?f=A%3DP%5B1%2B%5Cdfrac%7Br%7D%7B12%7D%5D%5E%7B4t%7D%5C%5C%5C%5C%5C%5CA%3D6000%5B1%2B%5Cdfrac%7B0.01%7D%7B12%7D%5D%5E%7B12%5Ctimes%206%7D)
A=$6030
Hence the amount for the investment of $6000 will be a.$6369 b. $6090 and c.$6030.
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Answer:
$28.12
Step-by-step explanation:
$9.19 x 40 = $367.60 x 7.65% = $28.12
Step-by-step explanation:
to solve for a,
f(-1) = 5
a(-1)^2 + 1 = 5
a + 1 = 5, so a=4
Answer:
Step-by-step explanation:
the total cost for roller skating depends on the number of hours a person skates. which equation represents the relationship btw the cost c and the ...
1 answer
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20 votes:
To answer this item, we let n be the number of hours that a person spend on th
Answer:
Let x = the charge in 1st city before taxes
Let y = the charge in 2nd city before taxes
Set up equation before taxes.
y = x - 1500 eq1
Set up equation for total tax paid.
0.065x + 0.06y = 378.75 eq2
Substitute eq1 into eq2.
0.065x + 0.06(x - 1500) = 378.75
0.065x + 0.06x - 90 = 378.75
0.125x - 90 = 378.75
0.125x = 468.75
x = 3750
Substitute this value of x into eq1.
y = 3750 - 1500
y = 2250
The hotel charge in city one is $3750 and the hotel charge in city two is $2250
