Answer:
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Answer:$6451.6 should be deposited.
Step-by-step explanation:
The principal was compounded monthly. This means that it was compounded 12 times in a year. So
n = 12
The rate at which the principal was compounded is 7.2%. So
r = 7.2/100 = 0.072
It was compounded for 3 years. So
t = 3
The formula for compound interest is
A = P(1+r/n)^nt
A = total amount in the account at the end of t years. A is given as $8000 Therefore,
8000 = P (1+0.072/12)^12×3
8000 = P(1+0.006)^36
8000 = P(1.006)^36
P = 8000/1.24
P = $6451.6
So, it's just an annoying problem. Keep the tax rates in mind for each thing.
$70 of souvenirs mean the tax is 5% since it is not prepared food, lodging, or auto rentals.
$580 on prepared food means that has 7% tax because it is special.
$620 on the car has a 10% tax, as stated in the problem.
So do 70(1.05)+580(1.07)+620(1.1) to get $1376.1.0
