The Booster Club has a goal of raising at least $600. The Club has already raised $50. The Booster Club is sponsoring a pancake
1 answer:
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Answer:
a) $3480
b) $4036.8
Step-by-step explanation:
The compound interest formula is given by:
Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.
Suppose that $3000 is placed in an account that pays 16% interest compounded each year.
This means, respectively, that
So
(a) Find the amount in the account at the end of 1 year.
This is A(1).
(b) Find the amount in the account at the end of 2 years.
This is A(2).
In your situation you said that
Putting those together, you'd have because
.
To evaluate the difference quotient, first find each piece on it's own:
because
no matter what your x-value is.
So putting those together:
Remember that the difference quotient is basically finding the slope of something. Since you were given that the slope is 0, the difference quotient should work out to match that.