The answer is twenty four if I read that correctly
First, determine the annual effective interest based on the annual interest and the compounding,
ieff = (1 + i/m)^m - 1
Substituting,
ieff = (1 + 0.03/12)^12 - 1 = 0.0304
To determine the future worth (F) of the current investment (P) is,
F = P(1+ieff)^n
Substituting all the known values with n unknown,
3000 = 175(1 + 0.0304)^n
Solving for n gives an n = 94.8867 years
Among the choices, the nearest value is 94.8377 years.
First, we'll set up two equations. One for the amount of each coin and another for the value of the coins.
N will represent nickels
D will represent dimes
N + D = 30
---The problem tells us that there are 30 total coins
0.05N + 0.10D = 2.95
---Nickels are worth 5 cents and dimes are worth 10 cents, and the total value of the coins is 2.95
Now that we have our equations, we need to solve for one of the variables in the first equation. I will solve for N.
N + D = 30
N = 30 - D
Then, we take that equation and substitute our new value for N into the second equation (value) and solve for D.
0.05(30 - D) + 0.10D = 2.95
1.5 - 0.05D + 0.10D = 2.95
1.5 + 0.05D = 2.95
0.05D = 1.45
D = 29
Now that we know how many dimes there are, we can plug that value into our equation for N and solve for N.
N = 30 - D
N = 30 - 29
N = 1
Therefore, there are 29 dimes and 1 nickel.
Hope this helps!
Answer:what's the question?
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