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notka56 [123]
3 years ago
14

Bank A is lending money at 6.4% interest compounded annually. The rate at Bank B is 6.3% compounded monthly, and the rate at Ban

k C is 6.35% compounded daily. Determine the amount of interest you would earn at each bank if you invest $1500 for 12 months.Which bank will you pay the least amount?
Mathematics
1 answer:
Ad libitum [116K]3 years ago
8 0

Answer:

$1596

$1597.28

$1598.33

bank A

Step-by-step explanation:

The formula for calculating compound interest:

FV = P (1 + r/m)^mn

FV = Future value  

P = Present value  

R = interest rate  

N = number of years

m = number of compounding

Bank A = $1500(1.064) = $1596

Bank B = $1500( 1 + 0.063/12)^12 = 1597.28

Bank C = $1500( 1 + 0.0635/365)^365 = $1598.33

Bank A pays the least amount of interest

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The number of candies consumed varies inversely with the number of children present. When 12 children are present,140 pieces of
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Loosely, "varies inversely" means that as one quantity increases, the other decreases. Specifically, if x and y vary inversely, then y = k/x where k is some constant (a particular number).

Another way to write that relationship is xy = k.  To find the value of k for this problem, you need a numbers for x and y that go together.

Suppose x = number of children and y = number of candies (it doesn't matter what order these go in as long as you keep track!).

"When 12 children are present, 140 pieces of candy are consumed."  So when x = 12, the value of y = 140.

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Now, when x = 8 children,

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5 0
3 years ago
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7 0
3 years ago
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9514 1404 393

Answer:

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Step-by-step explanation:

There are several ways to get there.

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3 years ago
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