Can I please get some help on this question ?
1 answer:
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[ Answer ]
[ Explanation ]
- System Of Equations
-----------------------------------
- [Substitute] Y = X + 10
- Isolate x for x + x + 10 = 10: x = 0
For y = 10
Substitute x = 0
Y = 0 + 10
0 + 10 = 10
y = 10
- Solutions
X = 0
Y = 10
We know the compound interest formula is given by
Now, we have been given that 24,000 is invested for 2 years with an APR of 6% and daily compounding. Thus, we have
On substituting these values in the above formula for the compound interest, we get
Therefore, the balance in the account after 2 years is 27059.7