Avery wants to buy a car and has a choice between two different banks. One bank is offering a simple interest rate of 3.2% and the other bank is offering a rate of 3% compounded annually. If Avery decides to deposit $7,000 for 5 years, which bank would be the better deal? 1. a simple interest rate of 3.2% 2. a compound interest rate of 3%

Answers

Answer 1

Answer: a simple interest rate of 3.2% will be the better deal.

Step-by-step explanation:

Hi, to answer this question we have to apply the compounded interest formula:  

A = P (1 + r/n) nt  

Where:  

A = Future value of investment (principal + interest)  

P = Principal Amount  

r = Nominal Interest Rate (decimal form, 3/100= 0.03)  

n= number of compounding periods in each year (1)  

Replacing with the values given  

A = 7000 (1+0.03/1)^(1x5)

A = 7000( 1.03)^5 = $8,114.92

For simple interest:

I = p x r x t  

Where:  

I = interest  

Replacing with the values given:

I = 7000 x (3.2/100) x 5 = $1,120

Adding the principal amount: 7000+1120 = $8,120

Since 8,120 (simple) >8,114.92(compound)

a simple interest rate of 3.2% will be the better deal.


Related Questions

What is the Square root of -100

Answers

Answer:

[tex]10i[/tex]

Step-by-step explanation:

√(-100)

Use the imaginary number rule  [tex]i=\sqrt{-1}[/tex]

√(-1) × √(100)

i × √(10²)

i × 10

= 10i

Answer:

It does not have a square root because it is a minus digit.

Step-by-step explanation:

The square root of one number is the number which is multiplied by itself to form the square number.

But, no negative number has a square root, because

- x - = +

+ x + = +

As you can see, no two same signs multiply together to form a negative.

Hope this helps.

Good Luck

When Gene and Kelly were planning their trip to Paris, one United States dollar was worth about $\frac{7}{10}$ of a euro. Before they left, they took 1,000 dollars to the bank and converted them into euros. Two weeks later, they returned home to the United States with 196 euros. To the nearest dollar, how many dollars did they bring back?

Answers

Answer:

$280 dollars

Step-by-step explanation:

When they were leaving

[tex]\$1 \approx \frac{7}{10}$ Euro\\Therefore:\\\$1000 \approx \dfrac{7}{10}\times 1000 =700$ Euro[/tex]

When they returned home, they brought 196 Euros.

[tex]If\:\:\$1 \approx \frac{7}{10}$ Euro\\Then: 1 Euro $=\$ \dfrac{10}{7}\\\\$Therefore:\\\\196 Euros = \$ 196 \times \dfrac{10}{7} =\$280[/tex]

They brought back $280 dollars to the United States.

Answer:

They brought back 280 dollars.

Step-by-step explanation:

From the question, one United States dollar was worth about $\frac{7}{10}$ of a euro implies that:

$1 = 7/10 euro, or 0.70 euro. That is, the exchange rate is $1:0.70 euro.

The equivalence of the exchange $1:0.70 euro can also be obtained by dividing both sides by 0.70 as follows:

$1 / 0.7 = 0.7 / 0.7 => $1.43:1 euro. That is, $1.43 is equal to one euro.

Since they returned with 196 euros and $1.43 is equal to one euro, we will simply multiply 196 euros by $1.43 to obtain the amount of dollars they brought back as follows:

Amount of dollars they brought back = $1.43 * 196 = $280 to the nearest dollar.

Therefore, they brought back 280 dollars.

What is the 5th equivalent fraction to 1/11 ?

Answers

Answer: 5/55

Step-by-step explanation:

1/11 x 5 = 5/55

So, the fifth equivalent fraction to 1/11 is 5/55.

The 5th equivalent fraction should be [tex]5\div 55[/tex]

Calculation of the equivalent fraction:

Since the fraction is [tex]1\div 11[/tex]

So here the 5th equivalent should be

[tex]= 1\div 11 \times 5\div 5[/tex]

= [tex]5\div 55[/tex]

Here 5 represent the numerator and 55 represent the denominator.

Therefore, we can concluded that The 5th equivalent fraction should be [tex]5\div 55[/tex]

Learn more about fraction here: https://brainly.com/question/1786648

Trey is running for president of the chess club, and he received 8 votes. There are 80 members in the club. What percentage of the club members voted for Trey?

Answers

Answer:10

Step-by-step explanation:

8/80=1/10*100=10

13. Gayle is getting ready for her first day of school. She has 7 new dresses to choose from and 4
new pairs of shoes. How many different outcomes are possible for Gayle to wear one dress and
one pair of shoes?

Answers

Answer:

49

Step-by-step explanation:

7 times 4 equals 49.

please help, tysm if you do
the length of a rectangle is 2 cm less than three times the width. the perimeter of the rectangle is 92 cm. find the dimensions of the rectangle. A. 11, 31 cm
B. 12, 34 cm
C. 12, 38 cm
D. 13, 37 cm

Answers

Answer:

I hope it will help you.......

Represent 1/3 and 5/2 on the same number line.

Answers

Step-by-step explanation:

1/3 and 5/2 can be shown as:

1/3= 3/6 5/2= 15/6

points with 1/6 interval on the number line:

0, 1/6, 2/6, 3/6, 4/6, ..., 15/6

What do the Nineteenth Amendment and the Indian Citizenship Act of 1924
have in common?
O A. They both affected American Indians directly.
O B. They both allowed certain Americans to own property.
O C. They both permitted free expression with some restrictions.
O D. They both provided suffrage to a group of Americans.

Answers

Answer:

D

Step-by-step explanation:

Suffrage is the right to vote, and the nineteenth amendment gave women the right to vote, and the indian citizenship act of 1924 gave native americans the right to vote

Please help me ima give BRAINLIST

Answers

Answer:

53

Step-by-step explanation:

We know the first term and common difference so we can write the explicit formula. The formula is:

aₙ = a₁ + (n - 1)d

aₙ = 8 + (n - 1) * 3

aₙ = 3n + 5

This means that a₁₆ = 3 * 16 + 5 = 53

by using the formula for arithmetic sequence, the 16th term of the progression can be obtained. Given A1 = 8 and d = 3,

A16=A1 + (n-1) d

A16=8 + (16-1) (3)

A16 = 53

I hope I helped! Be safe!

Which property can be used to solve the equation? StartFraction d Over 10 EndFraction = 12 addition property of equality subtraction property of equality multiplication property of equality division property of equality

Answers

Answer:

multiplication property of equality

Step-by-step explanation:

Given the equation d/10 = 12. To get the value of d, the follwoing steps can be used to solve for the value of d;

Multiply both sides by 10

d/10 * 10 = 12*10

d = 120

It can be seen from the calculation above that multiplication operation was used to get the solution to the equation. It can therefore be concluded that the multiplication property of equality  was used to solve the equation.

Which equation could be used to find the length of the hypotenuse?
А
С
5 cm
С
B
8 cm

Answers

Answer:

The first option (5^2 + 8^2 = c^2).

Step-by-step explanation:

According to the Pythagorean Theorem, a^2 + b^2 = c^2.

If a is 5 cm, and b is 8 cm, you would have the following equation...

5^2 + 8^2 = c^2.

That matches with the first option.

Hope this helps!

Find all pairs $(x,y)$ of real numbers such that $x + y = 10$ and $x^2 + y^2 = 56$. For example, to enter the solutions $(2,4)$ and $(-3,9)$, you would enter "(2,4),(-3,9)" (without the quotation marks).

Answers

Answer:

(3.26795, 6.73205)

(6.73205, 3.26795)

Step-by-step explanation:

Easiest and fastest way to get your solutions is to graph the systems of equations and analyze the graph for where they intersect.

Please Help...Anyone? I am revising for a test tomorrow, so please explain how you get the answer, too.. The ratios of the ages of Sunil and his Wife is 4:3. After 4 years, the ratio will be 9:7. What is the present age of Sunil

Answers

Answer:

32 years old

Step-by-step explanation:

Please see attached picture for full solution.

Let Sunil's present age be 4x and his wife's present age be 3x.

Please help me with this question!!

Answers

Answer: Choice B) The conjecture is valid given the focus is on proportional equivalence of two sectors.

This is another way of saying "the two pie slices are the same percentage in area". By this, I mean the percentage of the entire cake. For instance, the shaded slice could be 20% of the entire circle area, for each circle.

It's probably easier to see this is the angle was 90 degrees (split the cake into 4 equal slices, only shade one slice). Or probably even easier if you cut the cake into two slices and only shade one slice (to form a central angle of 180 degrees). For the first example, the slice would be 25% of the whole area, while the second slice is 50%.

Choice C is close, but the two sectors are not the same area. This is because the bottom circle has a larger radius, and therefore its sector area is larger.

Which expression is equivalent to (–3y – x) – (5y – 8x)?

Answers

Answer:

-8y +7x

Step-by-step explanation:

(–3y – x) – (5y – 8x)Distribute

-3y -x -5y +8x

Combine like terms

-3y-5y -x+8x

-8y +7x

The number of squares that are required to fill a rectangle of 512 cm by 108 cm, if each square of length 8 cm is _____________. a. 838 b. 864 c. 752 d. 440

Answers

Answer:

864

Step-by-step explanation:

512÷8=64

108÷8=13.5

64×13.5=864

Answer:

b) 864 squares

Step-by-step explanation:

A(rectangle) = 512cm x 108cm = 55296 cm²

A(square) = 8cm x 8cm = 64 cm²

Ar/As = 55296cm²/64cm² = 864 squares

What is the volume of the cone with a diameter of 4ft and height 4ft round to the nearest cubic foot

Answers

Answer:

67

Step - Step - Explanation

The graph below shows the price of different numbers of beach balls at a store: Which equation can be used to determine p, the cost of b beach balls? b = 5.50p p = 5.50b p = 11b b = 11p

Answers

Answer:

p = 5.50b

Step-by-step explanation:

2 beach balls cost 11

4 beach balls cost 22

6 beach balls cost 33

So each (1) ball b costs 5.50 ($) p

can someone in here help me with this question I'm stuck and I don't know to do it​

Answers

Answer:

Substitute -3,-2,-1,0,1,2,3 in d equation given to u at first to complete the table

Which methods could you use to calculate the y-coordinate of the midpoint of a vertical line segment with endpoints at (0,0) and (0, -12)?

Answers

Answer:

add the y coordinates of the two lines and divide by 2

Step-by-step explanation:

½[0+(-12)]

½[0-12]

½[-12)

y co-ordinate of the midpoint is -6

please help 100 points if correct ! :)
please actually answer
Instructions
Part 1: Celebration!
Think of an activity that you enjoy or are interested in. Some examples are reading, swimming, or leveling up your gaming character. Use your activity to work through the following problems:

Create a scenario that leads to an inequality of the form ax + b > c. You can use any of the inequality symbols (>, ≥, <, ≤) in your inequality. For this step, just write the word problem.


Write the inequality and show all work to solve the inequality.


Graph the solution to your inequality on a number line.


Explain what your solution means in the context of the problem.

Answers

Well for the activity we can do a game.

In a game you start with 50 coins and everytime you kill a monster "x" you get 2 more coins.You need 100 coins to level up.

We can make the following inequality,

2x + 50 ≥ 100

So to find x we single it out,

2x + 50 ≥ 100

-50 to both sides

2x ≥ 50

Divide 2 by both sides

x ≥ 25

For the number line look at the image below ↓

The solution in the number line is the number of monsters killed in order to level up.

Hope this helps :)

what are the soultions of 3(x-4) (2x-3)= 0 check all

Answers

Answer:

{3/2, 4}

Step-by-step explanation:

Set x - 4 = 0 and solve for x:  x = 4 is a solution.

Seet 2x - 3 = 0 and solve for x:  3/2 is another solution.

1/3 of 12 =2/3 of PLEASE HELP ME!!!!!!!!!!!

Answers

Answer:

6

Step-by-step explanation:

Let the number be x.

1/3 × 12 = 2/3 × x

Multiply.

12/3 = 2/3x

4 = 2/3x

Multiply both sides by 3/2.

4 × 3/2 = x

12/2 = x

x= 6

Answer:

1/3 of 12 = 2/3 of 6

Step-by-step explanation:

1/3 · 12 = 2/3 · x

12/3 = 2x/3

Multiply 3 on both sides.

12 = 2x

12 ÷ 2 = x

6 = x

Please answer for brainliest!!!Find the equation of a line that passes through the point (-2,1) and has a gradient of 3. Leave your answer in the form ax+by=c Where a, b and c are integers

Answers

Answer:

3x - y = - 7

Step-by-step explanation:

The equation of a line in point- slope form is

y - b = m(x - a)

where m is the slope and (a, b) a point on the line

Here m = 3 and (a, b) = (- 2, 1) , thus

y - 1 = 3(x + 2) ← distribute

y - 1 = 3x + 6 ( subtract 6 from both sides )

y  - 7 = 3x ( subtract y from both sides )

- 7 = 3x - y, that is

3x - y = - 7 ← in standard form

need this ASAP. pls answer this question​

Answers

Answer:

this is ur answer so memories

Please help me with this question.​

Answers

Answer:  a) 110√2 meters

                b) 2.42 hectares

Step-by-step explanation:

a) Since it is a square, the diagonal cuts the square into two 45-45-90 triangles where the diagonal is the hypotenuse.  Therefore, the sides are length x and the diagonal is length x√2.

[tex]x\sqrt2=220\\\\\\x=\dfrac{220}{\sqrt2}\\\\\\x=\dfrac{220}{\sqrt2}\bigg(\dfrac{\sqrt2}{\sqrt2}\bigg)\\\\\\x=\large\boxed{110\sqrt2}[/tex]

b) Area of a square is side squared.    10,000 meters² = 1 hectare

   [tex]A=(110\sqrt2)^2\\\\.\quad =(110)^2(\sqrt2)^2\\\\.\quad =12100(2)\\\\.\quad =24200\ \text{meters}^2\\\\.\quad =\large\boxed{2.42\ \text{hectares}}[/tex]

The ratio of boys to girls in a group is 5:3. If there are 24 more boys than girls, work out how many girls there are

Answers

Answer:

36

Step-by-step explanation:

Let's call the # of boys and girls 5x and 3x respectively. We can write:

5x = 3x + 24

2x = 24

x = 12 so the # of girls = 12 * 3 = 36

Answer:

36 girls

solution,

Let the number of girls be X

Number of boys be 'x+24'

Now,

[tex] \frac{x + 24}{x} = \frac{5}{3} \\ or \: 3(x + 24) = 5x \\ or \: 3x + 72 = 5x \\ or \: 3x - 5x = - 72 \\ or \: - 2x = - 72 \\ or \: x = \frac{ - 72}{ - 2} \\ x = 36[/tex]

hope this helps..

Good luck on your assignment..

Mario writes the equation (x+y ) 2 = z 2 +4( 1 2 xy) (x+y)2=z2+4(12xy) to begin a proof of the Pythagorean theorem. Use the drop-down menus to explain why this is a true equation.

Answers

Answer:

For the drop down menu:

i) x + y

ii) z²

iii) ½ xy

The complete question related to this found on brainly (ID:16485977) is stated below:

Mario writes the equation (x+y)² = z² +4( 1/2 xy) to begin a proof of the Pythagorean theorem. Use the drop-down menus to explain why this is a true equation.

_____finds the area of the outer square by squaring its side length.

_____finds the area of the outer square by adding the area of the inner square and the four triangles.

These expressions are equal because they both give the areas of outer space.

Find attached the diagram of the question.

Step-by-step explanation:

Pythagoras theorem is a formula that shows the relationship between the sides of a right angled triangle.

Pythagoras theorem

Hypotenuse ² = opposite ² + adjacent ²

From the diagram of the question.

Hypotenuse = z

Opposite = y

Adjacent = x

z² = x² + y²

Area of outer square = area of inner square + 4(area of triangles)

area of inner square = length² = (x+y)²

Expanding area of the outer square:

(x+y)² = (x+y)(x+y) = x²+xy+xy+y²

(x+y)² = x²+y²+2xy

= z² + 2xy

Area of inner square = length² = z²

Area of triangle = ½ base × height

= ½ × x × y = ½ xy

Area of outer square = area of inner square + 4(area of triangles)

(x + y)² = z² + 4(½xy )

Therefore, it is a true equation.

( x + y )² finds the area of the outer square by squaring its side length.

z² + 4( 1/2xy ) finds the area of the outer square by adding the area of the inner square and the four triangles.

These expressions are equal because they both give the areas of outer space.

So for the drop down menu:

i) x + y

ii) z²

iii) ½ xy

04
Apples cost £a and bananas cost £b. Which is a correct expression for how 1 point
much 4 apples and 5 bananas cost? *
4a + 5b
4a 5b
9ab
4 + 5
Simplify fully

Answers

Answer:

4a+5b

Step-by-step explanation:

Given:

Apple=£a

Banana=£b

Quantity of Apple=4

Quantity of banana=5

Find the cost of 4 apples and 5 bananas

Total cost=PaQa+PbQb

Where,

Pa=price of Apple

Qa=quantity of Apple

Pb=price of banana

Qb=quantity of banana

Total cost=PaQa+PbQb

=4*a+5*b

=4a+5b

PLEASE HELP ME! IM REALLY CONFUSED!

Answers

Here is the answer! Please let me know if you’re confused on anything.
Other Questions
What fraction of the students are girls give your answer in its simplest form What is the specific heat of a 85.01 g piece of an unknown metal that exhibits a 45.2C temperature change upon absorbing 1870 J of heat? Q3.Ishah spins a fair 5-sided spinner. She then throws a fair coin. (i)List all the possible outcomes she could get. The first one has been done for you. (1, H)(ii)Ishah spins the spinner and tosses the coin.Work out the probability that she will get a 2 and a head. how do u find rate of change on a graph A car travelling from Ibadan to Lagos at 90 km/hrtakes 1 hour 20 min. How fast must one travel tocover the distance in one hour? Adverbs Fill in the blanks 1. It was swimming_______, its tail out of the water every few seconds.2. _________, we were doing a five-kilometer run downtown Victoria through Beacon Park.3. I go running_______ with my friends from the jogging club.4. As we were running_______ at the edge of the sea, someone shouted Look! There was a grey whale out in the ocean, about a hundred meters from shore.5. We all stoped running________. Source view shows your website_____ A) exactly as it would appear when published B) approximately as it would appear when published C) both as it would appear to user's online and in HTML code D) in HTML code soie open.Question 8(Multiple Choice Worth 1 points)(02.03 MC)Read and choose the option with the correct word or words to complete the sentence.La camarerala carta de bebidas en la mesa y pregunta a Federico y a mi. Primero, yo quiero caf. Segundo,Federico: l quiere agua.cuida; me toca adeposita; le toca abebe: me levantarecoge; le levantaQuestion 9 Multiple Choice Worth 1 points)(02.03 LC)Read and choose the option with the correct negative command in the text. any number that divisible by 3 is also divisible by 6 . Find a counterexample to show that the conjecture is false What area is this called? ctivity-Based Costing and Conventional Costs Compared Chef Grill Company manufactures two types of cooking grills: the Gas Cooker and the Charcoal Smoker. The Cooker is a premium product sold in upscale outdoor shops; the Smoker is sold in major discount stores. Following is information pertaining to the manufacturing costs for the current month. Gas Cooker Charcoal Smoker Units 1,000 4,000 Number of batches 60 10 Number of batch moves 80 20 Direct materials $20,000 $100,000 Direct labor $20,000 $27,000 Manufacturing overhead follows: Activity Cost Cost Driver Materials acquisition and inspection $288,000 Amount of direct materials cost Materials movement 16,900 Number of batch moves Scheduling 42,000 Number of batches $346,900 Rounding instructions: Do not round until your final answers. Round total cost answers to the nearest dollar and per unit answers to the nearest cent. (a) Determine the total and per-unit costs of manufacturing the Gas Cooker and Charcoal Smoker for the month, assuming all manufacturing overhead is assigned on the basis of direct labor dollars. HINT: Use 7.3809 for overhead rate calculations. Total cost Answer Gas Cooker Answer per unit Charcoal Smoker Answer per unit (b) Determine the total and per-unit costs of manufacturing the Gas Cooker and Charcoal Smoker for the month, assuming manufacturing overhead is assigned using activity-based costing. Total cost Answer Gas Cooker Answer per unit Charcoal Smoker Answer per unit PreviousSave AnswersNext Research the excavation of Pompeii When writers anticipate the opposing argument, this means they (5 points)have not been able to find sufficient evidence for their positionhave not yet chosen a definite side of the issuewant to make clear to readers that they understand the issuewant to underscore the weaknesses in the opposing view what is RNA editing?exactly correct answer An experiment consists of dealing 7 cards from a standard deck of 52 playing cards. What is the probability of being dealt exactly 4 clubs and 3 spades? Who was appointed to write the Declaration of Independence?James MadisonThomas JeffersonJohn LockeThomas Paine what is buisness studies A spherical shell rolls without sliding along the floor. The ratio of its rotational kinetic energy (about an axis through its center of mass) to its translational kinetic energy is: In the diagram, what is the measure of angle 1 to the nearest degree? a) 82 b) 92 c) 94 d) 98 Un_______ es un edificio muy alto