Answer:
C. $18.50.
Step-by-step explanation:
We have been given that Kyle’s bank statement shows a balance of –$18.50. We are asked to determine the magnitude, or size, of the debt in dollars.
We know that the magnitude of a negative number is absolute value of negative number.
Since absolute value of a negative number is opposite of the number.
Therefore, option C is the correct choice.
Answer:
$7,544.58
Step-by-step explanation:
We will use the compound interest formula provided to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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First, change 3.3% into its decimal form:
3.3% -> -> 0.033
Since the interest is compounded monthly, we will use 12 for n. Lets plug in the values now:
The balance after 1 year will be $7,544.58