1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
IgorLugansk [536]
2 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]2 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

You might be interested in
Who knows how to do this ughhh I need help!
suter [353]

Answer:

\large\boxed{\sqrt{56x^{17}}=2x^8\sqrt{14x}}

Step-by-step explanation:

Domain:\ x\geq0\\\\\sqrt{56x^{17}}=\sqrt{4\cdot14\cdot x^{16+1}}\\\\\text{use}\ a^n\cdot a^m=a^{n+m}\\\\=\sqrt{4\cdot14\cdot x^{16}\cdot x^1}\\\\\text{use}\ \sqrt{ab}=\sqrt{a}\cdot\sqrt{b}\\\\=\sqrt4\cdot\sqrt{14}\cdot\sqrt{x^{16}}\cdot\sqrt{x}=2\cdot\sqrt{14}\cdot\sqrt{x^{8\cdot2}}\cdot\sqrt{x}\\\\\text{use}\ (a^n)^m=a^{nm}\\\\=2\cdot\sqrt{14}\cdot\sqrt{(x^8)^2}\cdot\sqrt{x}\\\\\text{use}\ \sqrt{a^2}=a\ \text{for}\ a\geq0\\\\=2\cdot\sqrt{14}\cdot x^8\cdot\sqrt{x}=2x^8\sqrt{14x}

8 0
2 years ago
You want to save for retirement. assuming you are now 25 years old and you want to retire at age 50, you have 25 years to watch
mr_godi [17]

Answer:

4250

Step-by-step explanation:

0.13 = 13%

1000×0.13=130
130×25= 3250 + 1000 = 4250

What I did:

You have to turn the percent to a decimal first

Then multiply the decimal by the first investment amount (1000)

then multiply that by the years that you have before retirement
You add that amount plus the 1000 you have started with

8 0
2 years ago
Find the value of x<br> (7x - 12) 114
Harrizon [31]

Answer:

(7x-12)=-5

-5x÷-5 114÷-5=

x=29

5 0
1 year ago
Read 2 more answers
Simplify the expression below.<br> x4 • x4 • x4
beks73 [17]

Answer:

x^12.

Step-by-step explanation:

x^4 times x^4 times x^4.

Since we don't know x and the 4's are exponents we just add them together.

5 0
2 years ago
How does knowing 8+5=13 help you solve 13-5?​
amid [387]

Answer:

Fact Families

Step-by-step explanation:

They are fact families

8 0
2 years ago
Read 2 more answers
Other questions:
  • The circumstances is 6,562.6mm what is the diameter of the target
    9·1 answer
  • How to do 15x28 distributive property
    7·1 answer
  • Is this the correct solution?<br><br> 6x ≥ 50 --&gt; x ≥ 8 1/3<br><br> Yes or No
    10·1 answer
  • The midpoint of AB is M (1,3) . If the coordinates of A are (4,1) , what are the coordinates of B
    14·1 answer
  • There is a 20% chance of thunderstorms tomorrow. Describe the likelihood of the event.
    11·2 answers
  • Which point on the number line best represents 166 ?
    11·1 answer
  • If a = 3, what is the value of 2a2.<br><br>A. 6<br><br>B. 12<br>C. 18<br><br>D. 36<br>​
    6·2 answers
  • Quadrilateral ABCD is a rhombus.<br> AD = 13 cm &amp; BD = 24 cm,<br><br> find AC
    7·1 answer
  • 1, 1/2, 1/4, 1/8, ... What's the pattern rule and the next three numbers? Please someone help me! ​
    8·2 answers
  • On a family trip to Oman, Tarek drove 300 km in 5 hours. This is an example of a unit rate or a rate? Please tell the correct an
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!