anonymous
  • anonymous
What would be the equation of $186 in the bank with an interest rate of .001% in year 1, 2, 3, 4, and 5
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
@jim_thompson5910
anonymous
  • anonymous
@johnweldon1993
jim_thompson5910
  • jim_thompson5910
0.001% = 0.001/100 = 0.00001 If you're dealing with simple interest, then y = 0.00001*186x = 0.00186x where x = year number y = amount in the account in year x

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jim_thompson5910
  • jim_thompson5910
btw 0.001% interest is so very very small. Are you sure that it says that?
anonymous
  • anonymous
yes. this is the current bank interest for savings. it's super low
anonymous
  • anonymous
so after the first year, the person would have 186.00186 in their account if they didn't touch it?
jim_thompson5910
  • jim_thompson5910
oh sorry I meant y = 186+0.00001*186x = 186+0.00186x
jim_thompson5910
  • jim_thompson5910
but yeah, when x = 1, y = 186.00186
anonymous
  • anonymous
okay, and the second year would be
anonymous
  • anonymous
like how do u find it?
jim_thompson5910
  • jim_thompson5910
by plugging in x = 2
anonymous
  • anonymous
OH
anonymous
  • anonymous
so the second year would be 186.0032?
jim_thompson5910
  • jim_thompson5910
186+0.00186x = 186+0.00186*2 = 186.00372
jim_thompson5910
  • jim_thompson5910
do the same for x = 3 through x = 5
anonymous
  • anonymous
okay thank you so much!

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