A bike is priced at $63.50. There is an 8% sales tax rate. What is the sales tax for the bike in
2 answers:
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<span>Compound interest formula</span>
Where
<span>
A= Future value
P =
the Principal (the initial amount of money)
r = annual interest rate</span>
t = time
<span>n= number of times compounded in one tRemark
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r is generally a percentage like 3%, 7% etc and are applied in the formula as 0.03, 0.07...,
the interest is compounded generally annually (n=1), quarterly (n=4), monthly (n=12), etc...
t is in years,
In our problem:
</span>
A= 30 000
P =20 000
r = 15%=0.15
time = t = ?
n= 4applying the formula:
75% of 12 months is 3/4 of 12 months, which is 9 months
Answer: 2 years, 9 months
Answer: $9 per hour at his job as a cashier and $8 per hour at his job delivering newspapers.
Step-by-step explanation:
1. Let's call the amount he got paid per hour at his job as a cashier: .
Let's call the amount he got paid per hour at his job delivering newspapers: .
2. Keeping on mind the information given in the problem above, you can make the following system of equations:
3. You can solve it by applying the Substitution method, as following:
- Solve for one of the variables from one of the equations and substitute it into the other equation to solve for the other variable and calculate its value.
- Substitute the value obtained into one of the original equations to solve for the other variable and calculate its value.
4. Therefore, you have:
Then:
Finally:
Therefore he got paid $9 per hour at his job as a cashier and $8 per hour at his job delivering newspapers.