Mr. and Mrs. Bailey need to invest $2906.50 so as to send their son to college.
<h3>Compound interest</h3>Compound interest is given by:
where A is the amount after t years, P is initial amount, r is the rate and n is the times compounded per period
Given that n = 1, r = 9% = 0.09, A = $7500 t = 11. Hence:
Mr. and Mrs. Bailey need to invest $2906.50 so as to send their son to college.
Find out more on Compound interest at: brainly.com/question/24924853
Answer:
Each person get = 20 cents
Step-by-step explanation:
Given - Maya and three friends have three quarters and one nickel to spend.
To find - If Maya and her friends share the money equally how much will each person get ?
Proof -
We know that
1 nickel = 5 cents
1 quarter = 25 cents
As they spent, 3 quarters and one nickel
So,
Total money spent = 3(25) + 5 = 75 + 5 = 80 cents
⇒Total money spent = 80 cents
Now,
Total people = 4 (Maya and three friends )
Now,
Given that, They share the money equally
So,
Each person get = = 20 cents
