If you make $11.25/hour, how many hours will you need to work to earn $416.25? Please explain how you figured this out.
2 answers:
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She should invest $6491.73.
The equation we use to solve this is in the form
,
where A is the total amount in the account, p is the principal invested, r is the interest rate as a decimal, n is the number of times per year the interest is compounded, and t is the amount of time.
A in our problem is 14000.
p is unknown.
r is 6% = 6/100 = 0.06.
n is 2, since it is compounded semiannually.
t is 13.
The equation we use to solve this is in the form
where A is the total amount in the account, p is the principal invested, r is the interest rate as a decimal, n is the number of times per year the interest is compounded, and t is the amount of time.
A in our problem is 14000.
p is unknown.
r is 6% = 6/100 = 0.06.
n is 2, since it is compounded semiannually.
t is 13.