PLEASE HELP!!! An investment earns 3% a year compounded monthly. Find the value of an initial investment of $5,000 after 6 years
1 answer:
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Answer: y = 7.5
Step-by-step explanation:
Suppose that y varies directly with x
That is, y∝x
Convert y∝x to a full equation by introducing a constant k to the right hand side.
Therefore, y = kx
Given that y = 10 and x = 20
Substitute y and x in the equation above. We have;
10 = k(20)
10 = 20k
20k = 10
k = 10/20
k = 0.5
Since k = 0.5, the equation y = kx becomes y = 0.5x
Now, to find y if x = 15, substitute x in equation y = 0.5x
Therefore, y = 0.5(15)
y = 7.5
