Wallace will pay $6,325 after 6 years.
Given:
Principal = 5,000
interest rate = 4%
Term = 6 years
Compound Interest means that the interest earned will also be earning its own interest.
Compound Interest = Principal x (1+r)^t
C.I. = 5,000 x 1.04⁶
C.I. = 5,000 x 1.265
C.I. = 6,325 TOTAL AMOUNT HE WILL PAY.
6,325 - 5,000 = 1,325 interest for 6 years.
Answer:
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Step-by-step explanation:
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We need 84 gallons of 3% butterfat milk and (84 * 3) = 252 gallons of 7% butterfat milk to obtain 336 gallons of 6% butterfat milk.
<h3>How to work with percentages?</h3>
Let x = number of gallons of 3% milk
Thus;
336 - x = number of gallons of 7% milk
Therefore;
0.03x + 0.07(336 - x) = 0.06(336)
0.03x + 23.52 - 0.07x = 20.16
-0.04x = -3.36
x = 84 gallons
We need 84 gallons of 3% butterfat milk and (84 * 3) = 252 gallons of 7% butterfat milk to obtain 336 gallons of 6% butterfat milk.
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