What’s the equation?
2 answers:
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Answer:
<u>The first option is </u>
- A(x) = 10000(1.05)ˣ
<u>The second option is:</u>
- B(0) = 1000
- B(1) = 1100
- The ratio is 1.1 and the zero term is 1000
<u>The equation for this option is:</u>
- B(x) = 1000(1.1)ˣ
Now, which option is better?
It depends on the number of x. It is assumed the genie is offering money or similar reward.
For the values of x below 50 option A is better and option B is much better for x > 50.
See the graph in the attachment, where green line represents the option A and red line is option B.
Given:
Investment (P) = $10000
Rate of interest (R) = 3.5%
Time (T) = 7 years
To find:
Amount in the account after 7 years
Solution:
Simple interest formula:
Simple interest = $2450
Amount = Investment + Interest
= 10000 + 2450
= 12450
Therefore $12,450 will be in the account after 7 years.