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Olenka [21]
3 years ago
8

An eighth-grade student estimated that she needs $8,800 for tuition and fees for each year of college. She already has $5,000 in

a savings account. The table above shows the projected future value of the account in five years based on different monthly deposits. The student wants to have enough money saved in five years to pay the tuition and fees for her first two years of college. Based on the table, what is the minimum amount she should deposit in the savings account every month? A) $200 B) $300 C) $100 D) $400

Mathematics
2 answers:
Vlad [161]3 years ago
4 0

<u>Answer:</u>

<h2>A)$200</h2>

<u>Step-by-step explanation:</u>

In this problem, we first need to find how much the total cost of the first 2 years in college will be. Since the tuition fee and fess for each year of college will cost $8,800, then we need to multiple that value by the number of years the student wants to pay for.

$8,800 x 2 = $17,600

The student will need a total of $17,600 to pay for the first 2 years of college.

The table shows that at a monthly deposit of $200, the students account value will be at $18,737. With the minimal amount of $200 deposited each month for the next 5 years, the student will have more than enough to pay for the first 2 years of college.

Pie3 years ago
3 0

Answer:

A)$200

Step-by-step explanation:

In this problem, we first need to find how much the total cost of the first 2 years in college will be. Since the tuition fee and fess for each year of college will cost $8,800, then we need to multiple that value by the number of years the student wants to pay for.

$8,800 x 2 = $17,600

The student will need a total of $17,600 to pay for the first 2 years of college.

The table shows that at a monthly deposit of $200, the students account value will be at $18,737. With the minimal amount of $200 deposited each month for the next 5 years, the student will have more than enough to pay for the first 2 years of college.

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Could someone help me understand how to solve this?
monitta

Answer:

Amount in 4% account: $550

Step-by-step explanation:

Use simple interest formula I=P\cdot r\cdot t, where

I = interest

P = principal

r = rate (as decimal)

t = time.

<u>4% account:</u>

P_1=x\\ \\r_1=0.04\\ \\t_1=1,

then

I_1=x\cdot 0.04\cdot 1=0.04x

<u>5% account:</u>

P_2=1,500-x\\ \\r_2=0.05\\ \\t_2=1,

then

I_2=(1,500-x)\cdot 0.05\cdot 1=0.05(1,500-x)

You have earned $69.50 in total, so

I_1+I_2=69.50\\ \\0.04x+0.05(1,500-x)=69.50\\ \\4x+5(1,500-x)=6,950\\ \\4x+7,500-5x=6,950\\ \\4x-5x=6,950-7,500\\ \\-x=-550\\ \\x=550\\ \\1,500-x=1,500-550=950

Amount in 4% account: $550

Amount in 5% account: $950

8 0
3 years ago
A car rental agency rents 190 cars per day at a rate of 29 dollars per day. for each 1 dollar increase in the daily rate, 5 fewe
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The equation that we can create from this situation is:

i = (190 – 5 x) * (29 + x)

where i is the income and x is the increase in daily rate

Expanding the equation:

i = 5510 + 190x – 145x - 5x^2

i = -5x^2 + 45x + 5510

Taking the 1st derivative:

di/dx = -10x +45

Set to zero to get the maxima:

-10x + 45 = 0

x = 4.5

 

So the cars should be rented at:

29 + x = 33.5 dollars per day

 

The maximum income is:

i = (190 – 5*4.5) * (33.5)

i = 5,611.25 dollars

7 0
3 years ago
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