A principal of $4700 is invested at 8.25% interest compounded annually. How much will the investment be worth after 7 years?
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Answer:
Step-by-step explanation:
The standard form of an equation for a straight line is y=mx+b, where m is the slope and b is the y-intercept (the value of y when x = 0).
We can calculate the slope from the two given points, (6,-3) and (-6,-5). Slope is Rise/Run, where Rise is the change in y and Run is the change in x.
From the two given points, starting at (-6,-5) and going to (6,-3):
Rise = (-3 - (-5)) = +2
Run = (6 - (-6)) = 12
Rise/Run (slope) = 2/12 or 1/6
The equation becomes y = (1/6)x + b
We can find b by enterieng either of the two given points and solving for b. I'll pick (6,-3):
y = (1/6)x + b
-3 = (1/6)*(6) + b
-3 = 1 + b [Now you can see why I chose (6,-3)]
b = -4
The equation is y = (1/6)x - 4
Check this with a DESMOS graph (attached).
