If you deposit P dollars in a savings account and earn compound interest of r% the value of your deposit after t years in the ac
count can be found using the expression P(1+0.04)t. Find the value of $500 after 7 years in a savings account at 4% interest
2 answers:
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Alright, lets get started.
Justin is asked to solve the linear equations using elimination method.
By using elimination method means we have to multiply some numbers in our given equations in such a way that the co-efficient of x or y become same in both equations so that we could add or subtract them to cancel one of the term either x or y.
So, given equations are :
See we have 5x in first equation and -20x in second equation.
So, we try to change 5x into 20 x by multiplying it with 4, both of the equations will have 20 x in common
Lets multiply 4 in first equation
Now both equations could be added and 20 x will be cancelled out and we could easily find the value of y then solve for x.
So, Justin should try to change 5 so that it will be cancels, so option B : Answer
Hope it will help :)
It will take 19 years and 6 months for the account value to reach 2900 dollars
Step-by-step explanation:
Given
Principal amount = 1400 dollars
Rate = 5.5 %
Final value = A = 2900
We have to find t
So,
The formula for simple interest is:
Putting values
Dividing both sides by 0.055
Rounding off to nearest tenth
19.5 years
Hence,
It will take 19 years and 6 months for the account value to reach 2900 dollars
Keywords: Interest, simple interest
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