1 time because 50 plus 50 is 100
Answer:
$341.07
Step-by-step explanation:
Hanna and Dawson both invested at 3.2% = 0.032
Hannah has balance of 31,000 in account
Dawson has balance of 42000 in account
Interests earned by both are
1)Hannah -P(1+i)^-n
=31000(1+0.032)^-1
=31000(1.032)^-1
=31000(0.968992)
=$30038.752
=$30038.75
Interest earned by Dawson is $31,000 - $30038.75 = $961.25
2)Dawson- P(1+i)^-n
=42000(1+0.032)^-1
=42000(1.032)^-1
=42000(0.968992)
=$40697.664
=$$40697.664
Interest earned by Dawson is $42,000 - $40697.66= $1302.32
3) Hence the amount that Dawson earns than is:
=$1302.32-$961.25
= $341.07
Answer:
$7,596.43
Step-by-step explanation:
The cost of the college tuition is increasing 5% compounded annually for 5 years.
∴ A = P(1 + r%)ⁿ
where A = tuition fee after 5 years.
P = current tuition
r = rate of increase
n = period
A = $5,952(1 + 5%)⁵
= $5,952(1 + 0.05)⁵
= $5,952 × 1.05⁵
= $7,596.43
=
