Answer:
88
Step-by-step explanation:
Answer: $15385 should be deposited.
Step-by-step explanation:
The principal was compounded monthly. This means that it was compounded 12 times in a year. So
n = 12
The rate at which the principal was compounded is 7.8%. So
r = 7.8/100 = 0.078
It was compounded for 4 years. Therefore,
t = 4
The formula for compound interest is
A = P(1+r/n)^nt
A = total amount in the account at the end of t years. The total amount is given as $21000. Therefore
21000 = P (1+0.078/12)^12×4
21000 = P (1+0.078/12)^48
21000 = P (1+0.0065)^48
21000 = P (1.0065)^48
P = 21000/1.365
P = $15385
Answer:
d = 16.88
Step-by-step explanation:
Start by simplifying both sides of the equation then isolate the variable
Answer:
$1030
Step-by-step explanation:
Last winter:
Total expense = 370 * 2.56 = $947.2
Next year,
price increases 9% per gallon
which means, per gallon cost is $2.7904
Approx. expense = 370 * 2.7904 = $1032.448 which is round down to $1030
