Hi:) anyone able to explain how to find the value of a? Thank you:)
2 answers:
Answer:
a=2
Step-by-step explanation:
Please see attached picture for full solution.
Method 1: Substitute x with another number, other than the numbers that you have already tried. Zero is a good number to work with :)
Then, subst. the values of b and c which you have already found into the equation. Then simplify to arrive at your answer.
Method 2: Notice that when you expand the right hand side, only a(x)() can give you a
term. Hence, compare the coefficients of
on both sides. This method is quite safe since the value of a won't be affected in case the value of b and c is wrong.
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Solution :
Given :
Principal amount deposited, P = $ 6000
Rate of interest, r = 5%
Number of years, t = 4 years
When the deposited amount is compounded semiannually, i.e. n = 2
Therefore,
Future value,
= 6000 x 1.2184
= 7310.4
Therefore, after 4 years there will be $ 7310.4 in the amount when compounded semi annually.
When the deposited amount is compounded quarterly, i.e. n = 4
Therefore,
Future value,
= 6000 x 1.219889
= 7319.334
Therefore, after 4 years there will be $ 7319.334 in the amount when compounded quarterly.
When the deposited amount is compounded monthly, i.e. n = 12
Therefore,
Future value,
= 6000 x 1.22089
= 7325.34
Therefore, after 4 years there will be $ 7325.34 in the amount when compounded monthly.