Find the best solutions to your questions at Westonci.ca, the premier Q&A platform with a community of knowledgeable experts. Get quick and reliable solutions to your questions from a community of seasoned experts on our user-friendly platform. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.
Sagot :
Answer:
The percent of interest is 12.3% per year
Step-by-step explanation:
According to the question Elwood invested 5000 $ in market account
The market account gives the compound interest annually
let p be the interest per year then
At the end of 1st year
amount =(1+0.p) x 5000 = 1.p x 5000
similarly at the end of 2nd year
amount =(1+0.p) x(1+0.p)x 5000 = [tex](1.p)^{2}[/tex] x 5000
similarly at the end of 3rd year
amount = 7100 $ = [tex](1.p)^3[/tex] x 5000
⇒ [tex]\frac{71}{50}[/tex] = [tex](1.p)^3[/tex]
1.392 = [tex](1.p)^3[/tex]
on further solving we get
1.p = [tex](1.42)^{1/3}[/tex] = 1.123
thus 1.p = 1 + 0.p = 1.123
thus p = 0.123
thus the percent of interest is 12.3% per year
Answer:
drop down 1 a slower rate per year
drop down 2 670
Step-by-step explanation:
as in three years you get $7100
you take that and subtract it by your starting amount (5000)
7100-5000= 2100
then divide 2100 by the number of years (3)
to get your annual rate of 700$
then you take the 8 year total and subtract it from your 3 year total
10350-7100= 3250
Then divide that by 5 because that how many years it has been
to get the annual rate of 650
making the 5 year rate slower.
The to find the average rate over all 8 year you take 10350 and subtract it from your starting number 5000
10350-5000= 5350
then take 5350 and divide it by the number of years (8)
you then get you average rate of 668.75
668.75=670
Hope this helps!
Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.