Samantha would like to purchase a new pair of shoes that cost $80.00. If she has a coupon for 25% of the price of the shoes, wha
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Answer:
Total amount that Matthew's bank will receive is $10099.81.
Step-by-step explanation:
We need to find the amount Matthew's bank will receive after lending him $8,000 for four years at an interest rate of 6 percent, compounded annually.
The formula for compound interest is:
Where A = future value
P= Principal Amount
r = interest rate
and n= time
So in the question we are given:
P= $8000
r = 6% or 0.06
t = 4 (since 4 yeras compounded annually)
A= 8000*(1+0.06)^4
A= 8000*(1.06)^4
A= 10099.81
So, total amount that Matthew's bank will receive is $10099.81.
Answer:
$2,958.33
Step-by-step explanation:
Jasper's annual salary is $71000.
Considering that a year has 12 months and that he gets a paycheck twice each month, the total number of paychecks (P) Jasper gets each year is:
To define Jasper's gross income per paycheck (I), simply divide his annual salary by the number of paychecks in a year:
Jasper's gross income per paycheck is $2,958.33.