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sergiy2304 [10]
2 years ago
9

A bank offers two special high-interest savings accounts if you deposit $500 and leave it untouched for 10 years. One pays 6 per

cent simple interest. The other pays 5 percent compound interest. Which one is better and why? *
Mathematics
1 answer:
vazorg [7]2 years ago
6 0

Answer:

The compound interest one is better by about 14 bucks.

Step-by-step explanation:

Simple interest:

500(1+.06*10)=800

Compound interest:

500(1+.05)¹⁰=814.45

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Step-by-step explanation:

14x+24=18x-32

Subtract 14x from each side

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2 years ago
A club raised 175% of its goal for a charity. The club raises $875. What was the goal?
charle [14.2K]

Answer: The goal was $500

======================================================

Work Shown:

x% = x/100

175% = 175/100 = 1.75

Let g be the goal, which is the amount of money the club wanted to raise

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The expression 1.75g represents how much money was actually raised, which was $875. Set the two expressions equal to each other. Solve for g

1.75g = 875

g = 875/1.75 ....... divide both sides by 1.75

g = 500

The club's goal was to raise $500

Note how 75% of $500 is 0.75*500 = 375

When they raised 175% of the goal, this means they went 75% overboard and added on 375 additional dollars (on top of the 500 they wanted). So they got to 500+375 = 875 which lines up with the instructions. This helps verify the answer.

Or we can see that 1.75*g = 1.75*500 = 875 which helps confirm the answer as well.

3 0
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Step-by-step explanation:

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