Please help determine the range
1 answer:
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Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. Mike's account balance after 21 years is $69,131.44.
<h3>What is compound interest?</h3>Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. It's the outcome of reinvesting interest rather than paying it out so that interest is received on the principal plus previously collected interest in the next quarter.,
where A is the final amount
P is the principal amount
r is the rate of interest
n is the number of times interest is charged in a year
t is the number of years
The principal amount that Mike invested is $29,000. The rate of interest is 7.24% compounded daily, for 21 years. Therefore, the account balance after 21 years is
= $69,131.44
Hence, Mike's account balance after 21 years is $69,131.44.
Learn more about Compound Interest:
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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 .