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Liula [17]
2 years ago
11

Mr. Thompson plans to invest $7,500 in a savings account that earns 2.75% simple annual interest. If he makes no other deposits

or withdrawals, how much money will Mr. Thompson's account be worth after 10 years.
Mathematics
1 answer:
Lynna [10]2 years ago
8 0

Answer:

<em>Mr. Thompson's account be worth $9,562.50 after 10 years</em>

Step-by-step explanation:

<u>Simple Interest </u>

Interest is calculated on the original principal only of a loan or on the balance of an account.

Unlike compound interest where the interest earned in the compounding periods is added to the new principal, simple interest only considers the principal to calculate the interest.

The interest earned is calculated as follows:

I=P.r.t

Where:

I = Interest

P = initial principal balance

r = interest rate

t = time

Mr. Thompson plans to invest P=7,500 in a savings account that earns r=2.75% = 0.0275.

The interest earned in t=10 years is calculated now:

I=7,500*0.0275*10

I=2,062.50

Now we add the interest to the principal:

A = $7,500 + $2,062.50

A = $9,562.50

Mr. Thompson's account be worth $9,562.50 after 10 years

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Whitepunk [10]

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3 years ago
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Elenna [48]

The property of real numbers that was illustrated in the above example is known as the: D. inverse property.

<h3>What is the Inverse Property of Real Numbers?</h3>

The inverse property of real numbers states that if you add the opposite of a number together with that number, the result would be zero.

For example, if "a" represents a number, the opposite of the number "a" is -a.

Applying the inverse property of real numbers, it states that: a + (-a) = a - a = 0. Both numbers will cancel each other to give zero.

In the same vein, as shown in the image given above:

6 is a number

The opposite of 6 is -6.

Applying the inverse property of real numbers, we have:

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6 0
1 year ago
A die was rolled eight times. The rolls were 2, 2, 3, 4, 4, 5, 6, and 6. What is the mean absolute deviation for this data? A) 1
adoni [48]

Answer:

The correct option is A:

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Step-by-step explanation:

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M = \frac{x_1 + x_2 + ... + x_n}{N}

And the mean absolute deviation is calculated as:

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Here we have the set of 8 elements:

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If we simplify this, we get:

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MAD = 1 + 1/4

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