1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
True [87]
3 years ago
12

Tom and Jerry both invested the same amount for 8 years. If Tom’s rate of return is 9% and Jerry’s rate is 10% compounded annual

ly then find how much more Jerry will have after 8 years than Tom?
e) 5.7% (f) 7.6%
g) 15.1% (h) 6.7%
Kindly explain it with solution.
Spammers would be reported.
Correct answer will get a BRAINLIEST!
Mathematics
1 answer:
Margarita [4]3 years ago
5 0

Answer:

The correct option is;

(f) 7.6%

Step-by-step explanation:

The given parameters are;

The number of years Tom and Jerry are investing their money, t = 8 years

The rate of return for Tom's investment, r₁ = 9%

The rate of return for Jerry's investment, r₂ = 10%

The rate at which the interest is compounded, n = Annually =  1

Let P represent the equal amount of money each of Tom and Jerry invested separately

The amount, A, of the investment is given by the following formula;

A = P \times \left (1 + \dfrac{r}{n} \right ) ^{n \times t}

Substituting the known values for Tom, gives;

A = P \times \left (1 + \dfrac{0.09}{1} \right ) ^{1 \times 8} = P \times 1.09^8 \approx 1.993\cdot P

The amount Tom has after 8 years ≈ 1.993·P

Substituting the known values for Jerry, gives;

A = P \times \left (1 + \dfrac{0.1}{1} \right ) ^{1 \times 8} = P \times 1.1^8 \approx 2.144\cdot P

The amount Jerry has after 8 years ≈ 2.144·P

The percentage amount Jerry has more than Tom after 8 years, PA is given as follows;

PA = \dfrac{2.144 \cdot P - 1.993 \cdot P}{1.993 \cdot P} \times 100 = 7.57651781234\% \approx 7.6 \%

The amount Jerry will have after 8 years than Tom = PA ≈ 7.6%.

You might be interested in
A cyclist travels from Ato B in two stages. Stage one is 28kmwhich is 2/7 of the total journey . How long is stage 2
Sladkaya [172]
Stage B would be 70km since 5/7 is stage B and 5 x 14 = 70
6 0
3 years ago
Carl takes a random sample of 100 students in his school and finds that 72% of the sample prefers pizza over burgers there are 1
jeka94

Out of the 100 people in the sample, 72% said they preferred pizza. That 72% should be the same for the whole school.

1500 × .72 = 1080

about 1080 students in the school prefer pizza

3 0
3 years ago
What is the distance between Points P(-2,1,3) and Points Q(-1,4,-2) to the nearest tenth?
Jobisdone [24]
4 is the right answer

8 0
3 years ago
How many people will get candy?
Sever21 [200]

Answer:

22 people

Step-by-step explanation:

5 0
3 years ago
Read 2 more answers
The third mean of a GP of two numbers 27 and 1/27 is 1. Find the number of means. ​
Artyom0805 [142]

Answer:

The mean is \sqrt{3}.

Step-by-step explanation:

3 0
2 years ago
Read 2 more answers
Other questions:
  • Two long jumpers competed in a world-class track meet. The first athlete jumped a distance of 28.65 feet, and the second athlete
    12·1 answer
  • What is the sum of the prime factors of 105 not including 1
    15·1 answer
  • PLS HELP ME IM RLLY STUCK I WILL GIVE BRAINLIEST
    5·1 answer
  • Find the exact value of x.<br> Do the side lengths form a Pythagorean Triple?
    10·1 answer
  • I will fail if i dont pass this test plzz helpp!!​
    5·1 answer
  • A dinosaur park cost $5.00 to enter plus $0.75 taxes. How much does it cost if a family of 4 went to the park
    7·1 answer
  • Two angles are supplementary and one angle is 18° greater than the other. find measure of the angles.
    8·1 answer
  • Give another name for angle three<br><br> Angle DEG<br> Angle DGE<br> Angle FDG<br> Angle EDG
    7·1 answer
  • (1) Solve this system using the substitution method: y = x – 1; 4x – 3y = 6
    15·1 answer
  • 56783÷100=<br>please give answer pl​
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!