Your interest formula is given to you.
Interest in a year = principal (the amount invested) * rate (the interest rate) * period (the time you're measuring)
Interest = 55,000 * 2% * 1 year = 55,000 * 0.02 * 1 = $1,100
How much would you need to have made for your spending power to keep with inflation? Your interest rate would have needed to match the inflation rate, otherwise prices are going up faster than you're saving.
Required interest = 55,000 * 3.24% * 1 year = 55,000 * 0.0324 * 1 = $1,782
How much buying power did you lose? The difference between your required interest and your actual interest.
Buying power lost = 1,782 - 1,100 = $682. You lost this much in buying power.
Hope that helped :)
Once we sort through the tax terms, that's just
9258.13 - 3650 - 5700 = $ -91.87
A negative numbers mean the deduction and exemption sheltered all of his income, so he has $0 taxable income, choice D.
Simplified expression for total amount spent is 10(2.05 + m)
Step-by-step explanation:
- Step 1: Write expression for expense on joining cooking club for m months.
Expense = 8.50 + 6.25 × m
- Step 2: Write expression for expense on joining movie club for m months.
Expense = 12 + 3.75 × m
- Step 3: Calculate the total amount spent on both clubs
Total Amount = 8.50 + 6.25m + 12 + 3.75m = 20.5 + 10m = 10(2.05 + m)
Answer:
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Step-by-step explanation:
