Clare made $160 babysitting last summer. She put the money in a savings account that pays 3% interest per year. If Clare doesnt

Question

SlabydouluS62 · Accepted Answer

Step 1  Given   Initial amount: $160  rate=3% interest per year  Step 2  Final amount after n years is given by  A=A0(1.03)n  Where  A= final amount  A0= initial amount  n= no of years  A=160(1.03)n (1)  Step 3  a) After 5 years  Put n=5 in the expression (1)  A=160(1.03)n  A=160(1.03)5  A=160(1.1592740743)  A=185.483851  A≈185.48  Step 4  b) Expression for the amount of money Clare would have after 30 years is   A=160(1.03)30

psor32 · Accepted Answer

SolutionClare made $160 babysitting last summer. She put the money in a saving account that pays 3% interest per year.It is a condition of compound interest with annually compounding.We know that,P′=P(1+r)nWhere,P′= the money she will be getting after n years,P=the money she deposited=$160r=annual rate of interest=3%=0.03n=number of years⇒P′=160(1+0.03)1=160×1.03=$164.8This is why when she multiply 1.03 with her current amount, she gets the amount she will be getting after one year.Money she will be getting after 2 yearTaking current balance as $164.8 as at the end of one year it will be the base amount on which interest will be calculated,⇒P′=168.8(1+0.03)1=168.8×1.03=$169.74Again by multiplying 1.03 she can get the amount of money she will be getting next year.Money she will be getting after 5 yearP′=the money she will be getting after 5 years,P=the money she deposited=$160r=annual rate of interest=3%=0.03n=5Putting the values,⇒P′=160(1+0.03)5=160×1.1593=$185.49She will be getting $185.49 after 5 years.We can also do this by calculating the amount of money she will be getting at the end of each year and multiplying it with 1.03 in order to get the amount of money she will be getting the next year.Expression for the amount of money Clare would have after 30 years if she never withdraws money from the account⇒P′=160(1+0.03)30This is the expression for the desired condition.

karton · Accepted Answer

Answer: Given, amount(A)=$160 ate(r)=3% Since it is given that by multiplying current ammount by 1.03 we can get amount she will have next year means that After one year Amount =160 * 1.03 =$164.80 (current amount after one year) After two years Amount P=164.80 * 1.03 =$169.74 Therefore, amount after 2 years is $169.74

Clare made $160 babysitting last summer. She put the money i

Answered question

Answer & Explanation

New Questions in Algebra I