Answer:
No, equivalent quarterly rate will be approx 1.75%
Step-by-step explanation:
Given that Chan deposited money into his retirement account that is compounded annually at an interest rate of 7%.
We know that there are 4 quarters in 1 year.
So to find that equivalent quarterly we will divide given yearly rate by number of quarters.
That means divide 7% by 4.
which gives 1.75%.
But that is different than Chan's though of 2% quarterly interest.
Hence Chan is wrong.
The price of one bag of popcorn is $3.75
Step-by-step explanation:
Let,
x represent the cost of a bag of popcorn
y represent the cost of a drink.
According to given statement;
4x+12y=30 Eqn 1
x+6y=11.25 Eqn 2
Multplying Eqn 2 by 2

Subtracting Eqn 3 from Eqn 1

Dividing both sides by 2

4x+12y=30 and x+6y=11.25 can be used to find the price of one bag of popcorn and the price of one drink.
The price of one bag of popcorn is $3.75
Keywords: linear equation, elimination method
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