Answer:
The value of x is 3.
Step-by-step explanation:
Matthew earned 7500 of 15000, which is exactly half the total amount, meaning that the fraction corresponding to his earnings is 1/2.
Rate of 5:2:x, with number 5 corresponding to Matthew, mean that his fraction of the earnings, in function of x is given by:
Both fractions are equal, so:
Applying cross multiplication:
The value of x is 3.
Amount must the owner make to have the cost of the ski lift in 5 years is $6,711,045.22.
<h3>What is compound interest?</h3>
Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on principal plus interest.
A = P(1 + r/n)
P =5,500,000
r =4%= 0.004
n =4
t= 5 years.
Now,
A = P(1 + r/n)
A = 5,500,000.00(1 + 0.04/4)
A = 5,500,000.00(1 + 0.01)
A = $6,711,045.22
Hence, The total amount accrued is $6,711,045.22.
Learn more about compound interest here:
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