So if you went 24 laps, how many minutes would
1 answer:
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wheee
Compute each option
option A: simple interest
simple interest is easy
A=I+P
A=Final amount
I=interest
P=principal (amount initially put in)
and I=PRT
P=principal
R=rate in decimal
T=time in years
so given
P=15000
R=3.2% or 0.032 in deecimal form
T=10
A=I+P
A=PRT+P
A=(15000)(0.032)(10)+15000
A=4800+15000
A=19800
Simple interst pays $19,800 in 10 years
Option B: compound interest
for interest compounded yearly, the formula is
where A=final amount
P=principal
r=rate in decimal form
t=time in years
given
P=15000
r=4.1% or 0.041
t=10
use your calculator
A=22418.0872024
so after 10 years, she will have $22,418.09 in the compounded interest account
in 10 years, the investment in the simple interest account will be worth $19,800 and the investment in the compounded interest account will be worth$22,418.09
The total amount is $ 1015.82 and interest amount is $ 165.82
<em><u>Solution:</u></em>
<em><u>The formula for amount when interest is compounded annually is:</u></em>
Where,
"A" is the total amount
"P" is the principal
"r" is the rate of interest in decimal form
"n" is the number of years
<em><u>From given, $850 at 2% for 9 years, compounded annually</u></em>
P = 850
t = 9 years
<em><u>Substituting the given values we get,</u></em>
Thus total amount is $ 1015.82
Interest amount = Total amount - principal
Interest amount = 1015.82 - 850
Interest amount = 165.82
Thus total amount earned is $ 1015.82 and interest amount is $ 165.82