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anastassius [24]
2 years ago
8

WILL GIVE BRAINLIEST Mr. and Mrs. Bailey hope to send their son to college in eleven years. How much money should they invest no

w at an interest rate of 9% per year, compounded continuously, in order to be able to contribute $7500 to his education?
Do not round any intermediate computations, and round your answer to the nearest cent.
Mathematics
1 answer:
Ronch [10]2 years ago
7 0

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:

A=P(1+\frac{r}{n})^{nt}

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:

7500=P(1+\frac{0.09}{1} )^{1*11}\\\\P=\$2906.50

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

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A moose population is growing exponentially following the pattern in the table shown below. Assuming that the pattern continues,
EleoNora [17]

Answer:

  •   <u> 7,692 moose.</u>

Explanation:

The table that shows the pattern for this question is:

Time (year) Population

  0                   40

  1                     62

  2                    96

  3                   149

  4                   231

A growing exponentially pattern may be modeled by a function of the form P(x) = P₀(r)ˣ.

Where P₀ represents the initial population (year = 0), r represents the multiplicative growing rate, and P(x0 represents the population at the year x.

Thus you must find both P₀ and r.

<u>1) P₀ </u>

  Using the first term of the sequence (0, 40) you get:

   P(0) = 40 = P₀ (r)⁰ = P₀ (1) = P₀

Then, P₀ = 40

<u>  2) r</u>

Take two consecutive terms of the sequence:

  • P(0) = 40 r⁰ = 40
  • P(1) = 40 r¹ = 40r = 62
  • P(1) / P(0) = 40r / 40 = 62/40
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You can verify that, for any other two consecutive terms you get the same result: 96/62 ≈ 149/96 ≈ 231/149 ≈ 1.55

<u>3) Model</u>

 

Thus, your model is P(x) = 40(1.55)ˣ

<u> 4) Population of moose after 12 years</u>

  • P(12) = 40 (1.55)¹² ≈ 7,692.019 ≈ 7,692, which is round to the nearest whole number.
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You have to get X all by itself so you divide 20 and 30 which gives you a fraction. X= 20/30
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