Check the picture below.
Make sure your calculator is in Degree mode.
Asher opened a savings account by making an initial deposit and setting up weekly automatic deposits as shown in the graph. How
much was Asher's initial deposit?
what is the amount of Asher's weekly deposit?
write and equation to represent the situation?
what is the amount of Asher's weekly deposit?
write and equation to represent the situation?
2 answers:
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Let x be the amount of money, you fund in Fund A and y be the amount of mone yyou fund in Fund B.
1. You have 250,000 In an IRA at the time you retire and want to invest this money into Funds A and B, then
2. Fund A pays 1.2% (as a decimal 1.2% is 0.012) annually, then is annual interest income in Fund A.
Fund B pays 6.2% (as a decimal 6.2% is 0.062) annually, then is annual interest income in Fund B.
Since Fund A and Fund B produce an annual interest income of $8,000, then
3. Solve the system of equations:
Express x from first equation and substitute it into the second equation
Multiply this equation by 1000:
Then
Answer: you have to fund $150,000 in Fund A and $100,000 in Fund B.