Suppose that $1800 is borrowed for three years at an interest rate of 2% per year, compounded continuously. Find the amount owed
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Answer:
Step-by-step explanation:
a). Let the number of spoons = x
And number of forks = y
Total number of spoons and forks bought by Perry = 10
x + y = 10 --------(1)
Cost of one spoon = $5
Cost of one fork = $3
Therefore, total cost of x spoons and y forks = $(5x + 3y)
5x + 3y = 42 -------(2)
b). Now we can convert these equations into the slope-intercept form.
x + y = 10 ⇒ y = -x + 10
Table for input output values,
x 2 4 6
y 8 6 4
5x + 3y = 42
3y = -5x + 42
y =
x 0 3 6
y 14 9 4
Point of intersection of these lines will be (6, 4).
