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1 year ago

Scott invests $1000 at a bank that offers 6% compounded annually. Write an equation to model the growth of the investment.

Mathematics

2 answers:

mr Goodwill [35]1 year ago

3 0

Answer:

Step-by-step explanation:

Alika [10]1 year ago

3 0

Answer:You can use A=P(1+(r/n))^(nt)

n=homany times it is compounded a year: 1 annually

t=time in years

r=rate: 6% or .06

A=Final Amount

P=principle amount

A=1000(1+(.06/1))^(1*t)

Step-by-step explanation:

hope this is correct

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A man borrowed $3700 from a bank for 6 months. A friend was co-signer of the mans personal note. The bank collected 8.5% simple

Tpy6a [65]

Answer:

(A) $157.25

(B) $3,857.25

Step-by-step explanation:

The given values are:

Principle (P)

= $3700

Time (T)

= 6 months i.e., 1/2 years

Rate (R)

= 8.5%

(A)

As we know,

Simple Interest,

⇒ $SI=\frac{P\times R\times T}{100}$

On putting the values, we get

⇒ $=\frac{3700\times 8.5\times \frac{1}{2} }{100}$

⇒ $=\frac{15,725}{100}$

⇒ $=157.25$ ($) (he paid for the use of money)

(B)

Amount he paid to the bank will be:

⇒ $P+SI$

⇒ $3700+157.25$

⇒ $3,857.25$ ($)

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Step-by-step explanation:

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