Question

Can someone answer these questions please, i'm having trouble with them

Answer 1

Answer:

1. $686.94

2. $735.03

3. $10707.55

4. $17631.94

5. $19635.72

Step-by-step explanation:

1st Question:

The interest rate is 7% for each year. This means that each year the person has to pay 7% more than the previous amount. So we need to multiply the initial amount by (0.07+1=1.07) in order to get the interest for the first year. if we want to find the second year's interests then we will have to multiply 2 (1.07)'s and so on.

in this case our function is: 600*(1.07)^t=P(t)

when t=2 P(2)=600*(1.07)^2=$686.94

2nd Question:

Function: 600*(1.07)^t=P(t)

when t=3 P(3)=600*(1.07)^3=$735.03

3rd Question:

initial value=$8500

1+0.08=1.08

Function: 8500*(1.08)^t=P(t)

t=3

P(3)=8500*(1.08)^3=$10707.55

4th Question:

initial value=$12000

1+1.08=1.08

t=5

Function: P(t)=12000*(1.08)^t

P(5)=12000*(1.08)^5=$17631.94

5th Question:

Function: 14000*(1.07)^t=P(t)

P(5)=14000*(1.07)^5

P(5)=$19635.72

Answer 2

Dang bro did it before me