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Stolb23 [73]
3 years ago
10

Michael has $10 to put in a savings account . He has two options for a saving account : Option 1 will add $ 100 to his account e

ach week . - Option 2 will double the amount in his account at the end of each week . a) Write a function in terms of x to model each option of savings . b) Michael wants to have at least $700 in his account at the end of 7 weeks to buy a mountain bike. Determine which option (s) will enable him to reach his goal. Justify your answer.
Mathematics
1 answer:
nekit [7.7K]3 years ago
5 0

Answer:

Option 1:

He starts with $10, and for each week, we add $100

Then his balance as a function of weeks will be:

f(w) = $10 + $100*w

option 2.

Again, we start with $10, and for each week that passes this is doubled, then the equation will be:

g(w) = $10*(2)^w

Now, we want in week w = 7 to have at least $700, then we need to replace w by 7 in both equations and see which one is better.

option 1:

f(7) = $10 + $100*7 = $710

With option 1 he will have enough

option 2:

g(7) = $10*(2)^7 = $1280

Again, he will have more than $700 in week 7, and we can clearly see that this option is better.

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2 years ago
You are applying for an 80/20 mortgage to buy a house costing $145,000. The first (80%) mortgage has an interest rate of 4.75%,
babymother [125]

Answer:

$291,016.80

A is correct.

Step-by-step explanation:

You are applying for an 80/20 mortgage to buy a house costing $145,000.

Loan Formula:

EMI=\dfrac{P\cdot r}{1-(1+r)^{-n}}

Case 1:

Loan amount, P = 80% of 145000 = $ 116,000

Rate of interest, r = 4.75% = 0.0475

Time of loan, n = 30 years = 360 months

Substitute the values into formula.

EMI=\dfrac{116000\cdot \frac{0.0475}{12}}{1-(1+\frac{0.0475}{12})^{-360}}

EMI=605.11

Total payment for case 1: 605.11 x 360 = $217,839.60

Case 2:

Loan amount, P = 20% of 145000 = $ 29,000

Rate of interest, r = 4.75% = 0.07525

Time of loan, n = 30 years = 360 months

Substitute the values into formula.

EMI=\dfrac{29000\cdot \frac{0.07525}{12}}{1-(1+\frac{0.07525}{12})^{-360}}

EMI=203.27

Total payment for case 1: 203.27 x 360 = $73,177.20

Total amount of the mortgage = $217,839.60 + $73,177.20

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Hence, The total amount of the mortgage is $291,016.80

3 0
3 years ago
If c(x)=x-2 what is the value of x if c(x)=3.5
dsp73

Answer:

5.5 = x

Step-by-step explanation:

c(x)=x-2

3.5 = x-2

Add 2 to each side

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KonstantinChe [14]

Answer:

it is a polynomial

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4a^2+6

Step-by-step explanation:

3a^2 +a^2 = 4a^2+6

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3 years ago
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