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3 years ago

Tom deposited $2,410 in a bank that pays 12% interest compounded monthly find the amount he will have at the end of three years

Mathematics

1 answer:

BabaBlast [244]3 years ago

3 0

Answer: 3448.15

Step-by-step explanation:

The formula is

A=p ((1+(r/n))^(tn)

A future value ?

P present value 2410

R interest rate 0.12

N compounded monthly 12

T time 3 years

A=2,410×((1+(0.12÷12))^(3×12)

A=3448.15

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Ariana plans to use $260 less than three-fourths of savings to buy a car. If the purchase price of the car is 9,340, how much do

tangare [24]

She has $12,488 in savings

Step-by-step explanation:

Ariana plans to use $260 less than three-fourths of savings to buy a car.

If the purchase price of the car is 9,340, we need to find how much

she has in savings

To find the savings

Assume that she has $x in savings
Write an equation of x
Solve the equation to find x

∵ She has $x in savings

∵ She plans to use $260 less than three-fourths of savings

- Three-fourths means $\frac{3}{4}$ and less than means subtract

∴ She plans to use $\frac{3}{4}$ x - 26

∵ The purchase price of the car is 9,340

- Equate the expression of x by 9,340

∴ $\frac{3}{4}$ x - 26 = 9,340

Now let us solve the equation

∵ $\frac{3}{4}$ x - 26 = 9,340

- Add 26 to both sides

∴ $\frac{3}{4}$ x = 9,366

- Divide both sides by $\frac{3}{4}$

∴ x = $12,488

She has $12,488 in savings

Learn more:

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3 years ago

Tom deposited $2,410 in a bank that pays 12% interest compounded monthly find the amount he will have at the end of three years​

Tom deposited $2,410 in a bank that pays 12% interest compounded monthly find the amount he will have at the end of three years