Quantcast

Got Homework?

Connect with other students for help. It's a free community.

  • across
    MIT Grad Student
    Online now
  • laura*
    Helped 1,000 students
    Online now
  • Hero
    College Math Guru
    Online now

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

Helly Group Title

Stacey currently has an account balance of $1,007.78. Her initial deposit on the account was $616 and it earned 5.3% simple interest. How long has Stacey held the account?

  • one year ago
  • one year ago

  • This Question is Closed
  1. Helly Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    I need help with this question! please help me out i really need to pass this class and Im completely lost in it

    • one year ago
  2. kashbmaryd Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    i used to know how to solve this, but it's been awhile since I've done these kind of problems.

    • one year ago
  3. kashbmaryd Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    *kinds

    • one year ago
  4. mathstudent55 Group Title
    Best Response
    You've already chosen the best response.
    Medals 2

    Simple interest is calculated as I = Prt, where P is the principal (amount of money invested), r = rate of interest written as decimal, and t = time The amount started as P and incresed by Prt, so P + Prt = 1007.78 616 + (616)(0.053)t = 1007.78 Now you need to solve for t: Subtract 616 from both sides and simplify: 32.648t = 391.78 Divide both sides by 32.648: t = 12 Answer: 12 years

    • one year ago
  5. Helly Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    can you help me out with this one Liam owns a business earning $43,200 in profits. These profits are appreciating at about 1.2% each year. What are Liam’s profits after six years?

    • one year ago
  6. mathstudent55 Group Title
    Best Response
    You've already chosen the best response.
    Medals 2

    In this case, this is not simple interest. His business earns $43,200 Now. After one year, Liam will earn $43,200 + 1.2% of $43,200. That is 43,200 + 0.012 * 43,200 = 43,200 + 518.40 = 43,718.40 For the next year, year two, he earns 1.2% more than 43,718.40. That is: 43,718 + 1.2% of $43,718.40 = 43,718.40 + 0.012 * 43,718.40 = 43,718.40 + 524.62 = 44,243.02 Every year, he earns 1.2% more than he earned the previous year. This is compound interest. We could continue calculating it year by year for 6 years, but there is a formula for compound interest. A = P(1 + r/n)^nt where A = total value after adding interest P = original principal value r = interest rate in decimal n = number of times interest is compounded in one year t = number of yerars In this case we are looking for A, and we have P = $43,200 r = 0.012 n = 1 t = 6 A = $43,200(1 + 0.012/1)^(1*6) A = $43,200(1.012)^6 A = $43,200(1.074195) A = $46,405.22

    • one year ago
  7. Helly Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    THANK THANK THANK you you you!!!!!!! YOUR THE BEST EVER!!!!!!!!

    • one year ago
  8. mathstudent55 Group Title
    Best Response
    You've already chosen the best response.
    Medals 2

    You're welcome. You're not so bad yourself. :-) Now go over these problems and try to understand why one is simple interest and the other one is compound interest. The first one, of course, it states that it is simple interest. Try to understand why the second one is compound interest without having been told so.

    • one year ago
    • Attachments:

See more questions >>>

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.