Answer:
$21.7
Step-by-step explanation:
2.8 hours * 7.75 dollars = 21.7 dollars
Answer:
9 years 4 months
Step-by-step explanation:
To find out how long it will take for Allie's initial deposit of $300to grow to $995 in a savings account with a 13% annual interest rate compounded quarterly, we can use the compound interest formula:
In this case:
Substitute the values into the formula and solve for t:
Simplify the expression inside the bracket:
Divide both sides of the equation by 300:
Take natural logs (ln) of both sides of the equation:
Divide both sides of the equation by 4ln(1.0325) to isolate t:
Evaluate using a calculator:
Therefore, it will take 9.37 years for the balance to grow to $995.00.
To determine the number of months, subtract 9 from the value of t and multiply by 12:
Therefore, it will take 9 years and 4 months (rounded to the nearest month) for the balance to grow to $995.00.
Additional comments
In the case of quarterly compounding, the interest is calculated and added to the account balance every three months (once every quarter). So, even though it will take 9 years and 4 months for the balance to reach $995.00, Allie's account will not show this exact amount at that specific time. It will show a balance of $979.61 at 9 years and 3 months, and a balance of $1,011.45 at 9 years and 6 months, so technically, the account balance will still show as $979.61 at 9 years and 4 months.
Answer:
9 years and 4 months
Step-by-step explanation:
In order to calculate the number of years and months it will take for Allie's savings account balance to grow to $995.00, we can use the following compound interest formula:
where:
We can use the following values for the variables in the formula:
P = $300.00
r = 13% = 0.13
n = 4 (compounding quarterly)
A = $995.00
Substituting value, we get
In order to solve the exponential equation, we can take the natural log of both sides:
Using the properties of logarithms, we can bring the exponent down in front of the log:
Dividing both sides by ln(1.0325), we get:
Evaluating this expression, we get:
In the nearest hundred:
Therefore, year = 9 year
month = 37% of 12 = 4.44≈ 4 month
So, it will take Allie 9 years and 4 months for her savings account balance to grow to $995.00.
Part B: Which company would charge less for cleaning 8 windows? Justify your answer. (3 points)
Part C: How much money is saved by using the services of Company B instead of Company A to clean 6 windows? (3 points)
Which of the following best describes how the x-axis should be labeled?
From 0 to 6 at intervals of 3
From 0 to 8 at intervals of 4
From 0 to 3 at intervals of 1
From 0 to 5 at intervals of 1