Ask question

Ask question

All categories

2 years ago

11

A new bank customer with $2,000 wants to open a money market account. The bank is offering a simple interest rate of %1.1a. Ho

w much interest will the customer earn in 10 years? b. What will the account balance be after 10 years?

1 answer:

Goshia [24]2 years ago

5 0

Answer:

$2220

Step-by-step explanation:

Step one

Given data

Principal= $2000

rate= 1.1%= 0.011

time= 10 years

<u>Required</u>

<u>The final amount A</u>

Step two;

For simple interest, the final amount is given as

A=P(1+rt)

substitute

A=2000(1+0.011*10)

A=2000(1+0.11)

A=2000(1.11)

A=2220

$2220

You might be interested in

amy has 3 pounds of raisins. she divides the raisins equally int 12 bags. how many pounds of raisins are in each bag? tell how m

larisa [96]

There is a decimal between the 3 and the 0

4 0

3 years ago

Read 2 more answers

Can u help me with this :p

Ne4ueva [31]

Answer:

12.5

10

Step-by-step explanation:

10(1/2+3/4)

5+7.5

12.5

10(1/2)+(8(3/4)-1)

5+(6-1)

5+5

10

4 0

2 years ago

Jane wishes to have 20,000 available at the end of 10 years so she deposit money into an account that pays 1.14% compounded mont

max2010maxim [7]

Answer:

$\$17,846.12$

Step-by-step explanation:

we know that

The compound interest formula is equal to

$A=P(1+\frac{r}{n})^{nt}$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

in this problem we have

$t=10\ years\\ A=\$20,000\\ r=0.0114\\n=12$

substitute in the formula above

$\$20,000=P(1+\frac{0.0114}{12})^{12*10}$

$P=\$20,000/[(1+\frac{0.0114}{12})^{120}]$

$P=\$17,846.12$

5 0

3 years ago

Which region represents the solution to the given system of inequalities?

Phoenix [80]

Answer: The intersection region shown in the graph attached is the solution of the system of inequalities.

Step-by-step explanation:

The equation of the line in Slope-Intercept form is:

$y=mx+b$

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

Given the following system of inequalities:

$\left \{ {{x+3y\leq-3 } \atop {x\geq3 }} \right.$

We need to graph the lines.

We have the line:

$x+3y=-3$

Solving for "y", we get:

$3y=-x-3\\\\y=\frac{1}{3}x-1$

Knowing that $m=-\frac{1}{3}$ and $b=-1$ , we can graph it.

Since the symbol is $\leq$ , the line must be solid.

The other line is:

$x=3$

Since "x" only takes one value, we can identify that it is a vertical line, so we can graph it.

Since the symbol is $\geq$ , the line must be solid.

We need to substitute a point that is not on the line, into each inequalities. Let's choose the point (0,0).

Then:

$0+3(0)\leq-3\\\\0\leq-3$

This is false, therefore, we must shade the half that does not contain this point.

$0\geq 3$

This is false, so we must shade the half that does not contain this point.

The intersection region of the solutions (Observe the graph attached) of the given inequalities is the solution of the system of inequalities.

8 0

3 years ago

Read 2 more answers

Suppose a researcher is interested in understanding the variation in the price of store brand milk. A random sample of 36 grocer

liberstina [14]

Answer: ($3.055, $3.205)

Step-by-step explanation:

Given : Significance level : $\alpha: 1-0.95=0.5$

Critical value : $z_{\alpha/2}=1.96$

Sample size : n= 36

Sample mean : $\overline{x}=\$\ 3.13$

Standard deviation : $\sigma= \$\ 0.23$

The confidence interval for population mean is given by :_

$\overline{x}\pm z_{\alpha/2}\dfrac{\sigma}{\sqrt{n}}$

$\text{i.e. }\$\ 3.13\pm (1.96)\dfrac{0.23}{\sqrt{36}}\\\\\approx\$\ 3.13\pm0.075\\\\=(\$\ 3.13-0.075,\$\ 3.13+0.075)=(\$\ 3.055,\$\ 3.205)$

Hence, the 95% confidence interval to estimate the population mean = ($3.055, $3.205)

3 0

3 years ago