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olchik [2.2K]
2 years ago
12

Randy puts $3000 into a savings account that earns 6% simple interest annually. After six years, how much money will Randy have

total in his account?
Mathematics
1 answer:
elixir [45]2 years ago
6 0

Answer:

$4080

Step-by-step explanation:

Step one:

given data

principal= $3000

rate = 6%= 0.06

time = 6 years

Required

The total amount in the account after 6 years

Step two:

We know that the final amount on a simple interest investment is computed using

A=P(1+rt)\\\\A=3000(1+0.06*6)\\\\A=3000(1+0.36)\\\\A=3000(1.36)\\\\A=4080

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The given system of equations in augmented matrix form is

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If you need to solve this, first get the matrix in RREF:

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\left[\begin{array}{cccc|c}3&2&-4&2&-23\\0&5&-6&8&-58\\0&11&5&-13&37\\0&19&10&4&-10\end{array}\right]

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\left[\begin{array}{cccc|c}3&2&-4&2&-23\\0&5&-6&8&-58\\0&0&-91&153&-823\\0&0&-164&132&-1052\end{array}\right]

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\left[\begin{array}{cccc|c}3&2&-4&2&-23\\0&5&-6&8&-58\\0&0&-91&153&-823\\0&0&0&13080&-39240\end{array}\right]

  • Multiply row 4 by 1/13080:

\left[\begin{array}{cccc|c}3&2&-4&2&-23\\0&5&-6&8&-58\\0&0&-91&153&-823\\0&0&0&1&-3\end{array}\right]

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\left[\begin{array}{cccc|c}3&2&-4&2&-23\\0&5&-6&8&-58\\0&0&-91&0&-364\\0&0&0&1&-3\end{array}\right]

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