Using compound interest, it is found that:
- The equation is:
![A(t) = 3520(1.065)^t](https://tex.z-dn.net/?f=A%28t%29%20%3D%203520%281.065%29%5Et)
- After 3 years, he has $4,252 in the account.
- After 10 years, he has $6,608 in the account.
<h3>What is compound interest?</h3>
The amount of money earned, in compound interest, after t years, is given by:
![A(t) = P\left(1 + \frac{r}{n}\right)^{nt}](https://tex.z-dn.net/?f=A%28t%29%20%3D%20P%5Cleft%281%20%2B%20%5Cfrac%7Br%7D%7Bn%7D%5Cright%29%5E%7Bnt%7D)
In which:
- A(t) is the amount of money after t years.
- P is the principal(the initial sum of money).
- r is the interest rate(as a decimal value).
- n is the number of times that interest is compounded per year.
- t is the time in years for which the money is invested or borrowed.
In this problem:
- Jack was given $3520 from his grandma, hence P = 3520.
- The account pays 6.5% interest rate that is compounded annually, hence n = 1, r = 0.065.
Hence, the equation is:
![A(t) = P\left(1 + \frac{r}{n}\right)^{nt}](https://tex.z-dn.net/?f=A%28t%29%20%3D%20P%5Cleft%281%20%2B%20%5Cfrac%7Br%7D%7Bn%7D%5Cright%29%5E%7Bnt%7D)
![A(t) = 3520\left(1 + \frac{0.065}{1}\right)^{t}](https://tex.z-dn.net/?f=A%28t%29%20%3D%203520%5Cleft%281%20%2B%20%5Cfrac%7B0.065%7D%7B1%7D%5Cright%29%5E%7Bt%7D)
![A(t) = 3520(1.065)^t](https://tex.z-dn.net/?f=A%28t%29%20%3D%203520%281.065%29%5Et)
After 3 and 10 years, respectively, the amount in dollars in the account are given by:
![A(3) = 3520(1.065)^3 = 4252](https://tex.z-dn.net/?f=A%283%29%20%3D%203520%281.065%29%5E3%20%3D%204252)
![A(10) = 3520(1.065)^{10} = 6608](https://tex.z-dn.net/?f=A%2810%29%20%3D%203520%281.065%29%5E%7B10%7D%20%3D%206608)
More can be learned about compound interest at brainly.com/question/25781328
You divide 18.40 by 2.3 to find out how many dollars per hour. 18.40/2.3=8.
Ellie earned $8.00 per hour.
Answer:
40.05
Step-by-step explanation:
Answer:
The Answer is C.
Step-by-step explanation:
There is only one number before the decimal point, 6. 6 ones, so we already cross out A and D as incorrect. Now we have B and C. There is only two numbers after the decimal point. The first number after the point is in the tenths place. So, B is the correct answer.
Make me brainlyest if correct, you're welcome!