Answer:
Richard will have $60,000 in his account in 20 years.
Step-by-step explanation:
(1) Multiply $250 x 12
(2) Multiply the answer of $250 x 12 which is 3000 by 20
(3) Final answer would be $60,000
Let's take an example to illustrate this case:
<span>positive fraction = 2/7
</span>
<span>negative fraction = - 3/5
Now we need to subtract </span><span>- 3/5 from 2/7
Right?
2/7 - (-3/5) = 2/7 + 3/5
here we need to unify the denominators as follows:
the lowest common factor between 7 and 5 is 35
2/7 = 10/35
3/5 = 21/35
Now back to </span><span>2/7 + 3/5:
</span><span><span>2/7 + 3/5 = 10/35 + 21/35 = (10+21)/35 = 31/35
That's it
Hope that helps you</span>
</span>
The amount invested in the first account is $9,300 while the amount invested in the second account is $8,800.
<h3>
How do we calculate the amount invested?</h3>
Let x represents the amount invested in the first account.
Therefore, we have:
Amount invested in the second account = x - 500
Interest income from first account = 3% * x = 0.03x
Interest income from second account = 5% * (x - 500) = 0.05x - 25
Total interest income = 0.03x + 0.05x - 25 = 719
Solving for x, we have:
0.08x = 719 + 25
x = 744 / 0.08
x = $9,300
Substituting for x, we have:
Amount invested in the second account = $9,300 - $500 = $8,800
Learn more about the amount invested here: brainly.com/question/24132106.
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