Answer:
$7.25
Step-by-step explanation:
Total amount spent on the ticket = $40.75
Number of ticket purchased = 5
Processing fee per ticket = $0.90
Unknown:
Cost of each ticket = ?
Solution:
To solve this problem, we need to find the processing fee for the 5 tickets purchase;
Processing fee = number ticket x processing fee per ticket
Processing fee = 5 x 0.9 = $4.5
Now, the real cost a ticket = $40.75 - $4.5 = $36.25
So, cost per ticket is;
Cost = = $7.25
The amount you should deposit is $4709.18
Step-by-step explanation:
The formula for compound interest, including principal sum is
, where:
∵ You want to have $5000 in your savings account in 2 years
∴ A = 5000
∴ t = 2
∵ The account pays 3% annual interest, compounded monthly
∴ r = 3% = 3 ÷ 100 = 0.03
∴ n = 12 ⇒ compounded monthly
- Substitute these values in the formula above
∴
∴
∴
- Divide both sides by
∴ P = 4709.18
The amount you should deposit is $4709.18
Learn more:
You can learn more about the compounded interest in brainly.com/question/2514241
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