I'm so stuck on this
2 answers:
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Answer:
Required inequality is .
Step-by-step explanation:
Given that Mrs. Robinson, an insurance agent, earns a salary of $4,800 per year plus a 3% commission on her sales. The average price of a policy she sells is $6,100. Write an inequality to find how many policies Mrs. Robinson must sell to make an annual income of at least $8,000.
Calculation is given by:
Salary per year = $4,800
Average price of a policy = $6,100.
commission on her sales = 3%
Then commission on $6,100 = 3% of $6,100 = 0.03 ($6,100) = $183
Let number of policies Mrs. Robinson must sell to make an annual income of at least $8,000 = x
then total commission on x policies = 183x
Total income using x policies = 4800+183x
Since she wants to make an annual income of at least $8,000. so we can write inequality as:
Hence required inequality is .
Answer:
His parents should invest $15,278.16 to reach this goal ⇒ 4th answer
Step-by-step explanation:
* Lets explain how to solve the problem
- Derrick will need $39,500 in 10 years for college tuition
∴ The future amount is $39,500
∴ The time for investment is 10 years
- P is the money his parents invest now at 9.5% annual interest,
compounded daily
∴ The rate is 9.5% per year compounded daily
- The formula of the compounded interest is:
, where
# A is the future value of money
# P is the value of investment
# r is the rate of interest in decimal
# t is the time of investment
# n is the period of the time
∵ A = $39,500
∵ t = 10
∵ r = 9.5/100 = 0.095
∵ n = 365 ⇒ compounded daily
- Lets use the formula above to find P
∴
∴
- Divide both sides by 2.58539
∴ P = $15278.16
∴ His parents should invest $15,278.16 to reach this goal