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andreyandreev [35.5K]
2 years ago
10

If you put $25 each month into a savings account that paid a simple interest rate of 6.5% each year, how much would you have in

your account at the end of two years?
Mathematics
1 answer:
DochEvi [55]2 years ago
6 0

Answer:

$339.00

Step-by-step explanation:

If you put $25 each month into a savings account that paid a simple interest rate of 6.5% each year, how much would you have in your account at the end of two years?

We solve the above question using the Equation:

A = P(1 + rt)

P = Principal = Amount deposited each month = $25

The amount deposited in a year = $25 × 12 months = 300

Calculation:

First, converting R percent to r a decimal

r = R/100 = 6.5%/100 = 0.065 per year.

Solving our equation:

A = 300(1 + (0.065 × 2)) = 339

A = $339.00

Therefore, you would have $339 in your account after 2 years

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Ieda and Thanh both offer piano lessons. Ieda charges an initial fee of $8.50 and an hourly rate of $11.00. Thanh charges an ini
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First off, you need to add the initial price and hourly price for each person together, so you already know how much it will cost for 1 hour, including the initial fee. Here's how you do it:

Ieda: $11.00 (hourly price) + $8.50 (initial fee) = $19.50 (for 1 hour)

Thanh: $10.50 (hourly price) + $10.00 (initial fee) = $20.50 (for 1 hour)

Now that you have the price for 1 hour including the initial fee, now you need to find the price for each hour after that. Here's how I did that:

I created a graph that looked like this:

Hours:       1                 2                  3               
Ieda:      19.50          30.50         41.50
Thanh:   20.50          31.00         41.50

Here's how I figured out the price for each hour:

Ieda:

Hour 1 (including initial price):
            $11.00 + $8.50 = $19.50
Hour 2 (excluding initial price): Only add the hourly price after Hour 1!
            $19.50 + $11.00 = $30.50 
Hour 3 (excluding initial price):
            $30.50 + $11.00 = $41.50

Thanh:

Hour 1 (including initial price):
            $10.50 + $10.00 = $20.50
Hour 2 (excluding initial price):
            $20.50 + $10.50 = $31.00
Hour 3 (excluding initial price):
            $31.00 + $10.50 = $41.50

So, looking at the graph, their prices are the same once each instruction reaches 3 hours. ($41.50)

I hope I was able to help you! :)
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