Answer:
4
Step-by-step explanation:
Answer: $187 will be in the account after 6 years.
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = $100
r = 11% = 11/100 = 0.11
n = 1 because it was compounded once in a year.
t = 6 years
Therefore,.
A = 100(1 + 0.11/1)^1 × 6
A = 100(1 + 0.11)^6
A = 100(1.11)^6
A = $187
Answer:
f(x) is exponential g(x) is quadratic
Step-by-step explanation:
c) the values of function g will exceed function f
Current Account Balance = $1,624.35
Initial Deposit = $975
Interest Rate (Simple) = 3.7% simple interest
Interest Earned = Current Account Balance - Initial Deposit
⇒ Interest Earned = $1,624.35 - $975
⇒ Interest Earned = $649.35
Now the Formula for Simple Interest is:
Simple Interest = ×
, where P is the initial deposit, R is the rate of interest and T is the time period
⇒ 649.35 = 
⇒ T = 
⇒ T = 18
Hence, Jeremiah has had the account for 18 years.
