Answer:
$5265.71
Step-by-step explanation:
We have been given that you deposit $3000 into a money-market savings account which pays 4.8% compounded quarterly.
We will use future value formula to solve our given problem.
, where,
,
r = Rate of return in decimal form,
n = Number of periods.
Therefore, there will be $5265.71 in your account at the end of those 3 years.
For this case we propose a system of equations:
x: Represents the amount of small popcorn tubs
y: Represents the amount of large popcorn tubs
According to the data we have to:
(Spending all the money in your wallet)
(Buying 7 popcorn tubs)
From the second equation we have:
Substituting in the first equation:
Thus, Katie can buy 3 large tubs of popcorn.
So:
In addition, you can buy 4 small tubs of popcorn.
Answer:
3 large popcorn tubs.
4 small popcorn tubs.