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MArishka [77]
3 years ago
15

Ernesto has $70 in a savings account. The interest rate is 5%, compounded annually. To the nearest cent, how much will he have i

n 3 years?
Mathematics
1 answer:
Paul [167]3 years ago
3 0

Answer: $81.03

Step-by-step explanation:

The interest is compounded annually which means that the future value formula applies:

Future value = Amount * ( 1 + rate) ^ number of years

Amount = $70

Rate = 5%

Number of years = 3 years

In 3 years, Ernesto will have:

= 70 * ( 1 + 5%)³

= $81.03

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mixer [17]

Hey there!!

How do we find the equation of a line ?

Ans : We take the slope and the y - intercept and get them together.

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Ans - In order to find slop, we will need to use the slop formula which is

( y₂ - y₁ ) / ( x₂ - x₁ )

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13 / 3

Hence, the slope is 13/3

The basic formula : y = mx + b

Where b is the y-intercept and m is the slope.

We have found the slope, hence, the formula would become

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Now take a coordinate and substitute it .

I will take ( 8 , 5 )

x = 8 and y = 5

Now plug in the values

... 5 = 13/3 × 5 + b

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Subtract 65/3 on both sides

... 5 - 65/3 = b

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Now plug in all the values to get the total equation...

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