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Answer:
Step-by-step explanation:
we know that
The compound interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above
Question is Incomplete, Complete question is given below.
Latanya and George are saving up money because they both want to buy new bicycles. Latanya opened a savings account with $50. She just got a job and is determined to save an additional $30 a week. George started a savings account with $75. He is able to save $25 a week. Find the time (in weeks) when Latanya and George will have the same amount of money in their savings accounts.
Answer:
Latanya and George will have same amount after 5 weeks.
Step-by-step explanation:
Given:
Opening Amount in account of Latanya = $50
Amount deposited every week = $30
Let number of week be 'w'.
Total Amount in Latanya savings account will be equal to Opening Amount plus Amount deposited every week multiplied by number of week.
framing in equation form we get;
Total Amount in Latanya savings account =
Also Given:
Opening Amount in account of George = $75
Amount deposited every week = $25
Let number of week be 'w'.
Total Amount in George savings account will be equal to Opening Amount plus Amount deposited every week multiplied by number of week.
framing in equation form we get;
Total Amount in George savings account =
Now we need to number of week when both will have same amount.
Now to find number of week when both will have same amount we need to make both the equation same we get;
Hence Latanya and George will have same amount after 5 weeks.