Solve for the value of y. 13 points
2 answers:
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You must convert point slope form to standard form in this problem. point= (h,k)
POINT SLOPE:
y-(-1)=(3/4)(x-2)
y+1=(3/4)x-(3/2)
y= (3/4)x-(5/2)
POINT SLOPE:
y-(-1)=(3/4)(x-2)
y+1=(3/4)x-(3/2)
y= (3/4)x-(5/2)
Answer:
$10,234.31
Step-by-step explanation:
A suitable financial calculator or spreadsheet can evaluate the future value function for you. It will tell you that $10,234.31 must be deposited today to have $13,000 in three years, when interest is 8% compounded monthly.
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You are solving for P:
13000 = P(1 +0.08/12)^(12×3)
P = 13000/(1 +0.08/12)^36 ≈ 10,234.31
