Question

6. You want to save $1,000,000 in 40 years at a 3.5% interest rate. What is the principal (initial amount) you need to invest? Round to the nearest hundredth.
7. Iodine-123 (used in thyroid scans) has a half-life of 13 hours. Find k and write an equation to model this decay. Round k to the nearest thousandth.
8. Use the above equation to determine when 1% of the Iodine-123 remains in your system. Round to the nearest tenth. PLEASE HELP AND Use Growth Equation A = aekt or Decay Equation A = ae−kt for #5 - 8. Label all answers with appropriate units. thank you

Answer 1

Answer:

When you deposit money in a bank, the bank usually pays you for the use of your money. When you take out a loan from a bank, you have to pay the bank for the use of their money. In both cases, the money paid is called the interest. It is usually expressed as a percent. Here we shall look at a formula for simple interest.