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Gwar [14]
3 years ago
9

A financial advisor puts 1/10 of all income into a savings account and puts the rest into a checking account. Which statement is

true
Mathematics
1 answer:
EleoNora [17]3 years ago
4 0

Answer: See explanation

Step-by-step explanation:

There are no options attached to this.

The fraction in a checking account will be: = 1 - 1/10 = 9/10

Since the financial advisor puts 1/10 of all income into a savings account. The percentage in the savings account will be: = 1/10 × 100 = 10%

The Percentage in the checking account will be: = 9/10 × 100 = 90%

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If she deposited $600 and had $621.60 after four years, then she earned: $621.60 - $600 = $21.60 in four years. It means in one year she earned $21.60 ÷ 4 = $5.40. Now we have to find out how many percent of $600 is $5.40:

$5.40 = x% from $600
5.4 = x/100 * 600
5.4 = 600x/100                 / * 100 (both sides)
540 = 600x                       / ÷ 600 (both sides)
x = 0.9

So the interest rate was 0.9% annually.

Now we have to find out how much is 0.9% from $1100:

$1100 * 0.9% =
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It means in one year she would earn $9.90. After 7 years she would earn $9.90 * 7 = $69.30, so she would have in her account:

$1100 + $69.30 = <u>$1169.30</u>
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