Answer:
the interest =20.74
whereas the total sum=8850(the sum is the nearest cent)
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Start by getting all terms with x on one side and all terms without on the other.
6x+7=8x-15
subtract 6x from both sides
7=2x-15
add 15 to both sides
22=2x
divide both sides by 2
11=x
Answer:
A(t) = 200+15t(1+0.02)^{t}
Step-by-step explanation:
Since the interest is calculated on the new balance every year.
Hence the formula used for compound interest is:
A = P(1+
^{nt}
where, A =Amount after t years
P =Principal amount
200 is the initial balance and Since, here the $15 is added to the balance each year. Therefore, P = 200+15t
r = rate each year (0.02)
t = time (in years) (t)
n = no. of times the interest is compounded in a year (n=1)
Therefore, the recursive formula is:
A(t) = 200+15t(1+0.02)^{t}