Answer:
2
Step-by-step explanation:
I think it’s A Im not sure tho
The borrower owes $14,760.82 at the end of 8 years
What is compounding interest?
Compounding interest means that earlier interest would earn more interest in the future alongside the loan principal.
Note that in this case the loan continues to accumulate interest because there no repayments, in other words, the loan balance after 8 years, which comprises of the principal and interest for 8 years can be computed using the future value formula of a single cash flow(the single cash flow is the principal) as shown thus:
FV=PV*(1+r/n)^(n*t)
FV=loan balance after 8 years=unknown
PV=loan amount=$5,000
r=annual interest=14%
n=number of times in a year that interest is compounded=2(twice a year)
t=loan period=8 years
FV=$5000*(1+14%/2)^(2*8)
FV=$5000*(1.07)^16
FV=$5000*2.95216374856541
FV=loan balance after 8 years=$14,760.82
Find out more about semiannual compounding on:brainly.com/question/7219541.
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Answer: A single turquoise guppy costs $3.69
Step-by-step explanation:
Let us use "x" to represent the amount a single turquoise is sold and use "y" to represent that of the Glo fish.
Since Kellen bought 4 guppies and 3 glo fishes for $41.73:
4x + 3y = 41.73 --------eqn 1
Similarly, Danielle purchased 3 guppies and 5 Glo fish for $56.02:
Therefore 3x + 5y = $56.02 -----eqn2
The 2 equations are;
4x + 3y = 41.73 (eqn 1)
3x + 5y = 56.02 (eqn 2)
We then solve the simultaneous equations using substitution method:
From eqn 1,
4x + 3y = 41.73
4x = 41.73 - 3y
x = (41.73 - 3y)/4
Substitute x for (41.73 - 3y)/4 in eqn2.
3[(41.73 - 3y)/4 + 5y = 56.02
11y + 125.19 = 224.08
11y =98.89
y = 98.89/11
y = $8.99
So, 1 Glo fish costs $8.99
Then, substitute "y" for 8.99 in equation 1
4x + (3×8.99) = 41.73
4x + 26.97 = 41.73
4x = 41.73 - 26.97
4x = 14.76
x = 14.76/4
x = $3.69
Therefore 1 turquoise guppy costs $3.69
