Over two summers, Ray saved $800.00 and $600.00. The polynomial represents his savings at the beginning of the third year, where

Question

4 years ago

9

Over two summers, Ray saved $800.00 and $600.00. The polynomial represents his savings at the beginning of the third year, where

x is the growth factor. (The interest rate r is x – 1.) What is the interest rate he needs to save $1,650.00 after the third summer?
800x2 + 600x

Mathematics

1 answer:

Svetlanka [38] · Answer 1 · 2022-03-08T03:25:42+03:00

Svetlanka [38]4 years ago

5 0

So at the end of the third year, it would be 800 x^3 + 600x^2? And he doesn't work the third summer? Then 800x^3 + 600x^2 = 1650 x = 1.0657758228... so he needs an interest rate of 6.57758.... % compounded annually.