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IgorLugansk [536]
3 years ago
13

Mr. Charles gave both of his sons, Joe and Bill, $5,000. Joe deposited the money in an account that offered simple interest of 1

1% per year. Bill deposited the money in a bank that offered an interest of 9% compounded annually. Who would be richer at the end of 6 years and by what amount? Joe: $ , Bill: $ , . earns more.
Mathematics
1 answer:
Maksim231197 [3]3 years ago
5 0

Answer:

Bill by $85

Step-by-step explanation:

Bill :  Compound interest is calculated by multiplying the initial principal amount by one plus the annual interest rate raised to the number of compound periods minus one. The total initial amount of the money given  is then subtracted from the resulting value.

Compounded annually for 6 years at 9 % interest Bill would have $8385.50.

Joe : Simple interest at 11% a year The formula we'll use for this is the simple interest formula.

P is the principal amount, $5000.00.

r is the interest rate, 11% per year, or in decimal form, 11/100=0.11.

t is the time involved, 6year(s) time periods.

So, t is 6year time periods.

To find the simple interest, we multiply 5000 × 11 × 6  = 3300

Usually now, the interest is added onto the principal to figure some new amount after 6 year(s),

or 5000.00 + 3300.00 = 8300.00

As you can see Bill has more by $85.

^Check yourself

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Given that Joseph earns $15 for every lawn he mows.

so if he mows lown 1 time then his earning = $15

if he mows lown 2 time then his earning = $15*2= $30

if he mows lown 3 time then his earning = $15*3= $45

if he mows lown 4 time then his earning = $15*4= $60

if he mows lown 5 time then his earning = $15*5= $75


So the required table will be:


From the table we can see that Joseph's earning increases by $15 each time so we can say that YES, the amount of money he earns proportional to the number of lawns he mows.


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Answer:

1857 miles.

Step-by-step explanation:

We have been given that the scale on a map is 1 cm:30 mi. The distance on the map between San Francisco, CA, and Chicago, IL, is 61.9 cm. We are asked to find the actual distance between San Francisco and Chicago.

We will use proportions to solve our given problem.

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Upon substituting map distance between San Francisco and Chicago, we will get:

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