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Rina8888 [55]
3 years ago
14

You deposit $5,500 into a saving account that pays an annual interest rate of 5.5% compounded monthly.

Mathematics
1 answer:
Tatiana [17]3 years ago
7 0

Answer:

$9520.92

General Formulas and Concepts:

<u>Pre-Algebra</u>

Order of Operations: BPEMDAS

  1. Brackets
  2. Parenthesis
  3. Exponents
  4. Multiplication
  5. Division
  6. Addition
  7. Subtraction
  • Left to Right<u> </u>

<u>Algebra I </u>

Compounded Interest Rate Formula: \displaystyle A = P(1 + \frac{r}{n})^{nt}

  • <em>P</em> is principle amount
  • <em>r</em> is rate
  • <em>n</em> is compounded rate
  • <em>t</em> is time

Step-by-step explanation:

<u>Step 1: Define</u>

<em>Identify variables</em>

<em>P</em> = 5500

<em>r</em> = 5.5% = 0.055

<em>n</em> = 12

<em>t</em> = 10

<u>Step 2: Find </u><em><u>A</u></em>

  1. Substitute in variables [Compounded Interest Rate Formula]:                     \displaystyle A = 5500(1 + \frac{0.055}{12})^{12(10)}
  2. (Parenthesis) Divide:                                                                                         \displaystyle A = 5500(1 + 0.004583)^{12(10)}
  3. (Parenthesis) Add:                                                                                            \displaystyle A = 5500(1.004583)^{12(10)}
  4. [Exponents] Multiply:                                                                                        \displaystyle A = 5500(1.004583)^{120}
  5. Evaluate exponents:                                                                                         \displaystyle A = 5500(1.73108)
  6. Multiply:                                                                                                             \displaystyle A = 9520.92
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so Hector has been biking for those 18 miles for 3/2 of an hour, namely and hour and a half already.

then Wanda kicks in, rolling like a lightning at 16mph.

let's say the "meet" at the same distance "d" at "t" hours after Wanda entered, so that means that Wanda has been traveling for "t" hours, but Hector has been traveling for "t + (3/2)" because he had been biking before Wanda.

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\bf \begin{array}{lcccl} &\stackrel{miles}{distance}&\stackrel{mph}{rate}&\stackrel{hours}{time}\\ \cline{2-4}&\\ Hector&d&12&t+\frac{3}{2}\\[1em] Wanda&d&16&t \end{array}\qquad \implies \begin{cases} \boxed{d}=(12)\left( t+\frac{3}{2} \right)\\[1em] d=(16)(t) \end{cases}


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