If $250 is invested at an interest rate of 12% per year, compounded biannually, how much will the investment be worth at the end
1 answer:
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ANSWER
The solution is
EXPLANATION
The given equations are:
and
We multiply equation 1 by 3 to get,
We multiply equation 2 also by 2 to get,
We subtract equation 4 from equation 3 to get,
This implies that,
We put this value of y into any of the equations say equation 2
Simplify
Group like terms
Simplify,
Divide both sides by 3 to get,
Therefore the solution is
The correct answer is option D.
The solution is
EXPLANATION
The given equations are:
and
We multiply equation 1 by 3 to get,
We multiply equation 2 also by 2 to get,
We subtract equation 4 from equation 3 to get,
This implies that,
We put this value of y into any of the equations say equation 2
Simplify
Group like terms
Simplify,
Divide both sides by 3 to get,
Therefore the solution is
The correct answer is option D.