Homework Progress 23 / 39 Marks Work out 83 +52
2 answers:
You might be interested in
Answer:
Matthew's money will double fastest in 6 years.
Step-by-step explanation:
<u><em>The complete question is</em></u>
Answer the question for each scenario<u><em> by applying the rule of 72</em></u>. How many years will it take each situation to double its money? Situation A: Matthew invests $5,000 in an account with a compound interest rate of 12%. Situation B: Morgan invests $2,500 in an account with a compound interest rate of 8%. Situation C: Maysen invests $10,000 in an account with a compound interest rate of 4.5%. Whose money will double fastest?
we know that
The <u><em>Rule of 72</em></u> is a simple way to determine how long an investment will take to double given a fixed annual rate of interest. By dividing 72 by the annual rate of return.
so
Situation A: Matthew invests $5,000 in an account with a compound interest rate of 12%
Situation B: Morgan invests $2,500 in an account with a compound interest rate of 8%.
Situation C: Maysen invests $10,000 in an account with a compound interest rate of 4.5%
therefore
Matthew's money will double fastest in 6 years.
Step-by-step explanation:
since the bases are the same all you have to do is just get the powers of both bases which is 3x + 1 and 10
you're then going to equate 3 x + 1 to 10 and then you have to make +1 cross to the other side making it become -1
you then can subtract 1 from 10 leaving you with 9
and at the LHS we have 3x
we are gonna get rid of the three by dividing it into itself and the 9 at the RHS then <u>X = 3</u>
