Ask question

Ask question

All categories

2 years ago

13

David invested $340 in an account paying an interest rate of 2\tfrac{1}{8}2 8 1 % compounded continuously. Natalie invested $3

40 in an account paying an interest rate of 2\tfrac{3}{4}2 4 3 % compounded quarterly. After 17 years, how much more money would Natalie have in her account than David, to the nearest dollar?

1 answer:

Nutka1998 [239]2 years ago

4 0

Answer:

$53.83

Step-by-step explanation:

For David

David invested $340 in an account paying an interest rate of 2\tfrac{1}{8}2 8 1 % compounded continuously.

r = 2 1/8% = 17/8% = 2.125% = 0.02125

t = 17 years

P = $340

For Compounded continuously, the formula =

A = Pe^rt

A = Amount Invested after time t

P = Principal

r = interest rate

t = time

A = $340 × e^0.02125 × 17

A = $ 487.94

For Natalie

Natalie invested $340 in an account paying an interest rate of 2\tfrac{3}{4}2 4 3 % compounded quarterly.

r = 2 3/4 % = 11/4% = 2.75% = 0.0275

t = 17 years

P = $340

n = compounded quarterly = 4 times

Hence,

Compound Interest formula =

A = P(1 + r/n)^nt

A = Amount Invested after time t

P = Principal

r = interest rate

n = compounding frequency

t = time

A = $340 (1 + 0.0275/4) ^17 × 4

A = $ 541.77

After 17 years, how much more money would Natalie have in her account than David, to the nearest dollar?

This is calculated as

$541.77 - $ 487.94

= $53.83

Hence, Natalie would have in her account, $53.83 than David

You might be interested in

Solve each inequality, and then drag the correct solution graph to the inequality.

Nesterboy [21]

The correct solution graph to the inequalities are

$4(9x-18)>3(8x+12)$ → C

$-\frac{1}{3}(12x+6) \geq -2x +14$ → A

$1.6(x+8)\geq 38.4$ → B

(NOTE: The graphs are labelled A, B and C from left to right)

For the first inequality,

$4(9x-18)>3(8x+12)$

First, clear the brackets,

$36x-72>24x+36$

Then, collect like terms

$36x-24x>36+72\\12x >108$

Now divide both sides by 12

$\frac{12x}{12} > \frac{108}{12}$

∴ $x > 9$

For the second inequality

$-\frac{1}{3}(12x+6) \geq -2x +14$

First, clear the fraction by multiplying both sides by 3

$3 \times[-\frac{1}{3}(12x+6)] \geq3 \times( -2x +14)$

$-1(12x+6) \geq -6x +42$

Now, open the bracket

$-12x-6 \geq -6x +42$

Collect like terms

$-6 -42\geq -6x +12x$

$-48\geq 6x$

Divide both sides by 6

$\frac{-48}{6} \geq \frac{6x}{6}$

$-8\geq x$

∴ $x\leq -8$

For the third inequality,

$1.6(x+8)\geq 38.4$

First, clear the brackets

$1.6x + 12.8\geq 38.4$

Collect likes terms

$1.6x \geq 38.4-12.8$

$1.6x \geq 25.6$

Divide both sides by 1.6

$\frac{1.6x}{1.6}\geq \frac{25.6}{1.6}$

∴ $x \geq 16$

Let the graphs be A, B and C from left to right

The first graph (A) shows $x\leq -8$ and this matches the 2nd inequality

The second graph (B) shows $x \geq 16$ and this matches the 3rd inequality

The third graph (C) shows $x > 9$ and this matches the 1st inequality

Hence, the correct solution graph to the inequalities are

$4(9x-18)>3(8x+12)$ → C

$-\frac{1}{3}(12x+6) \geq -2x +14$ → A

$1.6(x+8)\geq 38.4$ → B

Learn more here: brainly.com/question/17448505

8 0

2 years ago

By careful reorganization, a company was able to reduce the cost of operation from $21,840 per month to $17,190 per month. By wh

Ede4ka [16]

Subtract the 17190 from the 21840. you get 4650. 4650 divided by 21840 is 0.21. The percent decrease is 21%

4 0

3 years ago

Read 2 more answers

Please help 20 points

Aloiza [94]

Your answer is y=15 for your problem

6 0

3 years ago

Read 2 more answers

What is the sum of the first 9 terms of 7+21+63+...

attashe74 [19]

Answer:

Step-by-step explanation:

7

21

+63 =91

7 0

2 years ago

A spider ate 25\%25%25, percent more bugs this month than last month. The spider ate 888 bugs last month.

iVinArrow [24]

Answer:

1110

Step-by-step explanation:

888*(1+25%)

=1110

PLS GIVE BRAINLEST

7 0

2 years ago

Read 2 more answers