Put the ordered pairs into the slope formula x=y2-y1/x2-x1 then you will get your slope of the line. once you have your slope pick an ordered pair and put it in point slope y-y1=m(x-x1) distribute and you will get your answer.

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2 years ago

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The Monthly Bank pays 3 percent interest, compounded monthly, on their savings accounts. The Daily Bank pays 3 percent interest,

Novosadov [1.4K]

Answer:

The amount that we should deposit in each bank is around $942.

Step-by-step explanation:

Case 1:

A=$1000

n = 12

t = 2

r = 3% or 0.03

p = ?

The compound interest formula is :

$A=p(1+\frac{r}{n})^{nt}$

Substituting values in the formula;

$1000=p(1+\frac{0.03}{12})^{12\times2}$

=> $1000=p(1.0025)^{24}$

=> $1000=1.06175p$

$p=\frac{1000}{1.06175}$

p = $941.84

Case 2:

A=$1000

n = 365

t = 2

r = 3% or 0.03

p = ?

$1000=p(1+\frac{0.03}{365})^{365\times2}$

=> $1000=p(1.0000822)^{730}$

=> $1000=1.06184p$

$p=\frac{1000}{1.06184}$

p = $941.76

The amount that we should deposit in each bank is around $942.

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2 years ago

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