Total = Principal * (1 + rate) ^ years
Total = 1,500 * (1.07) ^ 2
Total = 1,717.35
Answer:
The rate at which the $1000 is invested is 4%.
Since the answer is required to be written without the percent sign, it therefore implies that he rate at which the $1000 is invested is 4.
Step-by-step explanation:
Amount invested = $1000
Total interest income over the course of 3 years = $120
Number of years = 3
Annual interest income = Total interest income over the course of 3 years / Number of years = $120 / 3 = $40
The interest ate on the $1000 invested can now be calculated as follows:
Interest rate = (Annual interest income / Amount invested) * 100 = ($40 / $1000) * 100 = 0.04 * 100 = 4%
Therefore, the rate at which the $1000 is invested is 4%.
Since the answer is required to be written without the percent sign, it therefore implies that he rate at which the $1000 is invested is 4.
Given the equation
which models the data tabulated below:
![\begin{tabular} {|c|c|} x&y\\[1ex] 0.5&10.4\\ 1&5.8\\ 2&3.3\\ 3&2.4\\ 4&2 \end{tabular}](https://tex.z-dn.net/?f=%5Cbegin%7Btabular%7D%0A%7B%7Cc%7Cc%7C%7D%0Ax%26y%5C%5C%5B1ex%5D%0A0.5%2610.4%5C%5C%0A1%265.8%5C%5C%0A2%263.3%5C%5C%0A3%262.4%5C%5C%0A4%262%0A%5Cend%7Btabular%7D)
The linear regression equation is given by
where:
and
We extend the given table as follows:
![\begin{tabular} {|c|c|c|c|} x&y&x^2&xy\\[1ex] 0.5&10.4&0.25&5.2\\ 1&5.8&1&5.8\\ 2&3.3&4&6.6\\ 3&2.4&9&7.2\\ 4&2&16&8\\[1ex] \Sigma x=10.5&\Sigma y=23.9&\Sigma x^2=30.25&\Sigma xy=32.8 \end{tabular} \\ \\ \\ \bar{x}= \frac{\Sigma x}{n} = \frac{10.5}{5} =2.1 \\ \\ \bar{y}=\frac{\Sigma y}{n} = \frac{23.9}{5} =4.78](https://tex.z-dn.net/?f=%5Cbegin%7Btabular%7D%20%7B%7Cc%7Cc%7Cc%7Cc%7C%7D%20x%26y%26x%5E2%26xy%5C%5C%5B1ex%5D%200.5%2610.4%260.25%265.2%5C%5C%201%265.8%261%265.8%5C%5C%202%263.3%264%266.6%5C%5C%203%262.4%269%267.2%5C%5C%204%262%2616%268%5C%5C%5B1ex%5D%20%5CSigma%20x%3D10.5%26%5CSigma%20y%3D23.9%26%5CSigma%20x%5E2%3D30.25%26%5CSigma%20xy%3D32.8%20%5Cend%7Btabular%7D%20%5C%5C%20%5C%5C%20%5C%5C%20%5Cbar%7Bx%7D%3D%20%5Cfrac%7B%5CSigma%20x%7D%7Bn%7D%20%3D%20%5Cfrac%7B10.5%7D%7B5%7D%20%3D2.1%20%5C%5C%20%5C%5C%20%5Cbar%7By%7D%3D%5Cfrac%7B%5CSigma%20y%7D%7Bn%7D%20%3D%20%5Cfrac%7B23.9%7D%7B5%7D%20%3D4.78)
Thus,
and
Therefore, the linearlized form of the equation is y = 9.234 - 2.12x
Part B:
At x = 1.6,
The account be worth in 7 months is 375.725 .
<h3>What is the amount in simple interest?</h3>
Amount (A) is the total money paid back at the end of the time period for which it was borrowed. The total amount formula in case of simple interest can also be written as: A = P(1 + RT)
Here, A = Total amount after the given time period.
Given that,
P = $350, R = 1.05%, T = 7 month
The simple interest equation uses "t" as years, but is just cycles, using an APR rate.
now, if we never mind "t" as years and just use it as an interest cycle, then we can say the rate is 1.05% and the period is 7 cycles.
A = P(1 + RT)
= 350(1+1.05%×7)
= 350(1+0.0105×7)
= 350(1+0.0735)
= 350×1.0735
A = $375.725
Hence, The account be worth in 7 months is 375.725 .
To learn more about simple interest from the given link:
brainly.com/question/25793394
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