Suppose $500 is invested at 6% annual interest compounded twice a year. When will the investment be worth $1000.
1 answer:
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Answer:
Layota
$47.5
Step-by-step explanation:
Let number of hours = x
Given that:
Oscar's charges :
First hour = $25
Additional hours = $15
Thus :
Total charge : 25 + 15(x - 1)
The piece wise equation given for Layota's charge rate :
First 3 hours = $30
Next 3 hours = $20
Hours greater Than 6 = $10
If total hours ; x = 5.5 hours
Oscar :
$25 + $15(5.5 - 1)
$25 + $15(4.5)
$25 + $67.5
= $92.5
Layota:
First 3 hours :
$30 * 3 = $90
Hours left :
$20 * (5.5 - 3)
$20 * 2.5 = 50
Total = $90 + $50 = $140
Layota charges more : 140 > 92.5
Difference :
$140 - $92.5
= $47.5
