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harina [27]
2 years ago
7

Help plz asap ????????????

Mathematics
2 answers:
jekas [21]2 years ago
8 0

Answer:

6

hope it is ❤❤❤❤

THANK YOU.

wel2 years ago
3 0

Answer:

Step-by-step explanation:

the answer is 18

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532.8

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Samir is trying to decide between two checking account plans. After researching plans at two banks, he finds that Unity Bank off
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Answer:

The monthly compounded interest rate of 0.14% of Unity Bank is a better plan.

Step-by-step explanation:

<em>Step 1 : Write the formula for calculating a monthly compound interest rate and for calculating an annually compounded interest rate.</em>

Monthly compound interest rate = P(1+r/n)^nxt

<em>n=12 (number of months in a year)</em>

<em>t=1 (number of years)</em>

Annually compound interest rate = P(1+r/n)^nxt

<em>n=1 (because it is for 1 year only)</em>

<em>t=1 (number of years=1)</em>

<em>Step 2 : Lets assume that P is $100 in both banks and time is 1 year.</em>

<em>Step 3 : Lets substitute the values to find out which one is better.</em>

Monthly compound interest rate = P(1+r/n)^nxt

Monthly compound interest rate = 100(1+0.14/12)^12x1

Monthly compound interest rate = 114.93

114.93 - 100 = $14.93 per month

14.93 x 12 = $179.16 for 12 months or 1 year

Annually compound interest rate = P(1+r/n)^nxt

Annually compound interest rate = 100(1+1.6/1)^1x1

Annually compound interest rate = 260

260-100 = $160 for 1 year

Therefore, the monthly compounded interest rate of 0.14% of Unity Bank is a better plan.

!!

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Step-by-step explanation:

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3 years ago
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