Answer:
Both are <u>equal</u> to each other.
Step-by-step explanation:
Answer: the value of the account after 6 years is $101559.96
Step-by-step explanation:
If $64,000 is invested in an IRA account, then
Principal = $64,000
So P = 64,000
The rate at which $64000 was compounded is 8%
So r = 8/100 = 0.08
If it is compounded once in a year, this means that it is compounded annually (and not semi annually, quarterly or others). So
n = 1
We want to determine the value of the account after 6 years, this means
time, t = 6
Applying the compound interest formula,
A = P(1 + r/n)^nt
A = amount after n number of years
A = 64000( 1 + 0.08/1)^1×6
A = 64000(1.08)^6
A= 64000×1.58687432294
A= 101559.956668416
Approximately $101559.96 to 2 decimal places
Answer:
Bert has $45.
Step-by-step explanation:
I have no real strategy, except for that I used guess and check. How did I do this? Well, since I am in 5th Grade, I don't know algebra very well, so I made an organized chart and checked all the numbers that had to be a multiple and could be divided equally by 5, 3 and when a third of that number was subtracted by 6, it was a fifth of the orginal number. Thats how I got 45.
Checking this answer:
It is always important to check your answer after finishing the problem, so this is how I checked my answer:
1. 45 divided by 3 = 15
2. 15 - 6 = 9, and 9 is 1/5 of 45
Bert has $45.
