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anonymous
 one year ago
What would be the equation of $186 in the bank with an interest rate of .001% in year 1, 2, 3, 4, and 5
anonymous
 one year ago
What would be the equation of $186 in the bank with an interest rate of .001% in year 1, 2, 3, 4, and 5

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jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.10.001% = 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

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.1btw 0.001% interest is so very very small. Are you sure that it says that?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0yes. this is the current bank interest for savings. it's super low

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0so after the first year, the person would have 186.00186 in their account if they didn't touch it?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.1oh sorry I meant y = 186+0.00001*186x = 186+0.00186x

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.1but yeah, when x = 1, y = 186.00186

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0okay, and the second year would be

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0like how do u find it?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.1by plugging in x = 2

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0so the second year would be 186.0032?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.1186+0.00186x = 186+0.00186*2 = 186.00372

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.1do the same for x = 3 through x = 5

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0okay thank you so much!
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