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2 years ago

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Ted earned $4,300 from his summer internship that he plans to invest so that he can buy a used car after three years. Ted choose

s a bank that offers 5.5% compounded quarterly. Can Ted buy a car that costs $4,700 after three years? Round your numbers to the nearest cent.

1 answer:

olganol [36]2 years ago

8 0

Answer: Yes he will be

Step-by-step explanation:

To find out if Ted can afford the car, find the future value of $4,300 in three years.

First convert the number of years and rates to quarterly values as this is the compounding period:

Term = 3 * 4 quarters = 12 quarters

Rate = 5.5% / 4 = 1.375% per quarter

Future value = Amount * ( 1 + rate) ^ term

= 4,300 * ( 1 + 1.375%)¹²

= $5,065.69

<em>Considering that Ted makes $5,065.69 in 3 years, he will be able to buy a car that costs $4,700.</em>

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a) $y=\dfrac{13x}{16}-\dfrac{129}{16}$

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Since in both questions,a and b, we're asked to find lines that are perpendicular to ST. So, we'll do that first!

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side note: you can also use the $y = mx + c$ to find the equation of the line. both of these equations are the same. but I prefer (and also recommend) to use the former equation since the value of 'c' comes out on its own.

$(y - y_1) = m(x-x_1)$

we have the slope of the perpendicular to ST i.e $m=\dfrac{13}{16}$

and the line should pass throught S as well, i.e $(5,-4)$ . Plugging all these values in the equation we'll get.

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