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Your grandmother gives you $1500 to invest in a savings account on your 15th birthday. The only condition is that you may NOT use it until you have graduated high school at 18. After researching savings accounts, you come up with two options.



1) A high interest savings account, with 2.5% simple interest annually or

2) A High Yield Savings account with 2% interest compounded annually.



Which account will you chose and why?

Answers

Answer 1

Answer:

Step-by-step explanation:

This is a logical question that can be d=solved thus;

To decide which decision to make,one has to calculate the amount for both methods to detrmine which is higher.

1. Using simple interest formula of ( P X R X T)/ 100

Since p  = 1500, r  = 2.5%,  T = 3

1500 x 2.5% x 3  / 100  =  1500 x 0.025 x 3 / 100

112.5 / 100 = 1.125

to find amount  = 1.125 + 1500 = 1501.25 for the three 3years.

2. Using compound interest formula of ( P ( 1 + r/n)∧nt

1 + (2%/3) ∧3(3)

1500( 0.02/3) ∧ 9

1500  x 0.006 ∧9

1500 x 2.60 = 3900

A = 3900 + 1500 = 5400

SO FROM THE ABOVE I WILL G FOR THE HIGH YIELD SAVINGS AS IT IS HIGHER THAN THE INTEREST SAVINGS

Answer 2

Given the data from the question, the best account to use is:

A high interest savings account, with 2.5% simple interest annually (Option 1)

Simply interest formula

I = PRT / 100

A = I + P

Where

I is the interest P is the principal R is the rate T is the time A is the amount after time t

Compound interest formula

A = P(1 + r/n)ⁿᵗ

Where

A is the amount after time tP is the principal r is the rate t is the time n is number of times compounded per annual

Case 1 (simple interest) Principal (P) = $ 1500Rate (R) = 2.5%Time (T) = 3 years Interest (I) =? Amount (A) =?

I = PRT / 100

I = (1500 × 2.5 × 3) / 100

I = $ 112.5

Thus

A = I + P

A = 112.5 + 1500

A = $ 1612.5

Case 2 (compound interest) Principal (P) = $ 1500Rate (R) = 2% = 0.02Time (T) = 3 years Number of time compounded annually (n) = 1Amount (A) =?

A = P(1 + r/n)ⁿᵗ

Since n = 1,

A = P(1 + r)ᵗ

A = 1500(1 + 0.02)³

A = $ 1591.8

SUMMARY

The amount at the end of 3 years using:

A High interest savings account, with 2.5% simple interest annually is $ 1612.5A High Yield Savings account with 2% interest compounded annually is $ 1591.8

Thus, the best account to use is a high interest savings account, with 2.5% simple interest annually (option 2)

Learn more about simple interest:

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Related Questions

12. A grocery store collects donated canned
food for a food bank. The cans are packed
in boxes that hold 24 cans. The store has
collected 744 cans.
a) Draw a graph to show this situation. Put
the number of boxes on the horizontal
axis and the number of cans on the
vertical axis. 2
b) Use your graph to estimate the number
of boxes needed to hold 744 cans.
c) Write an equation that relates the
number of boxes needed to the number
of cans.
d) Solve your equation to determine the
number of boxes needed.
e) Compare your solution in part (d) with
your estimate in part (b). Do you think
)
your solution is correct? Explain.

Answers

Answer:

For the last three years, the National Post has greeted the yuletide season by publishing the video above. With a simple message of maximizing charitable giving by donating money to the food bank instead of canned goods, it is one of our most popular videos of all time, reaching virtually every corner of the English-speaking world.

Step-by-step explanation:

Write the equation of a line in slope-intercept form that is parallel to y = 2x and goes through the point (1, 9).

this is geometry

Answers

Give me more details
So I can help you

Answer:

the answer is y = 2x + 7

Step-by-step explanation:

for it to be parallel has to have the slope

Find the area of the trapezoid shown below. {?} square feet

Answers

Answer:

432

Step-by-step explanation:

How can data displays be used to compare two sets of data? Select all that apply. They quickly illustrate measures of center. They quickly illustrate measures of center. They identify all the data points in each data set. They identify all the data points in each data set. They show trends in data that can be compared. They show trends in data that can be compared. They display measures of variability for each data set. They display measures of variability for each data set. They easily show the mean of each data set.

Answers

Answer:

Step-by-step explanation:

A and C Step-by-step explanation:I would go for A and C options which best describes the use of data displays for the comparison of two data sets.Data Display is basically displaying of useful data which has been extracted from bundles of raw data or raw data points. That useful data can be used to compare two different datasets as well. So, in option A, It says that it quickly illustrate measures of centre. True, because it presents you quick display so that everyone seeing the data in form of charts or tables easily catch the information to be conveyed. And in option C, It says, they show trends in data that can be compared. Yes again true. Data displays show you trends of different things in one clear picture and it can be compared with other datasets through the use of data displays. Still stuck? Get 1-on-1 help from an expert tutor now.

PLEASE HELP ASAP

84 = h – 8

h = ​

Answers

Hello!

Let's solve this equation:

84=h-8

This is the same as

h-8=84

Add 8 to both sides:

h=84+8

h=92

Hope everything is clear.

Let me know if you have any questions!

#KeepLearning

:-)

It =92 since you gotta use inverse operations to solve -8+8=0 84+8=92
H=92

Need Answers for B,C,D
Based on a poll of 1000 residents, a newspaper article claims that 62% of the residents in town favor the development of a recreational park on the west side of town. A community action group interested in preserving the environment claims that 45% of the town’s residents favor the development of a recreational park. To determine whether the sample supports the population proportion, a simulation of 100 trials is run, each
with a sample of 200, using the point estimate of the population. The minimum sample proportion from the simulation is 0.46 and the maximum sample proportion is 0.76.

(a) What is the point estimate of the population? Answer is $0.62

(b) The margin of error of the population proportion is found using an estimate of the standard deviation. What is the interval estimate of the true population proportion?

(c) The margin of error of the population proportion is found using half the range. What is the interval estimate of the true population proportion?

(d) Is the community action group’s claim likely based on either interval estimate of the true population proportion? Explain.

Answers

The probability computed shows that the point estimate of the population is 6.2%.

How to calculate the probability?

a. The point estimate of the population will be calculated thus:

= 62% = 62/100 = 0.62

b. The margin of error of the population will be:

= z value × [✓0.62 × ✓0.38 / ✓200]

= 1.96 × (0.78 × 0.61 / 14.14)

= 0.0672

Therefore, the interval estimate is 6.72%.

c. The margin of error of the population proportion is found using half the range will be:

= [0.76 - 0.46] /2

= 0.30/2

= 0.15

d.  The community action group’s claim is likely based on either interval estimate of the true population proportion since the confidence interval value is greater than 0.45.

Learn more about probability on:

https://brainly.com/question/24756209

5. Which of the following would have the same graphic representation as the function
f(x) = 27.3^x ? Select all that apply.

O f(x) = 3•3^3x
O f(x= 3^4x
O f(x) = 3^x+3
O f(x) = (3x)^3
O f(x) = 9.3^x+1

Answers

Answer:

f(x) = 3^x+3

f(x) = 9.3^x+1

Step-by-step explanation:

Hope it helps you in your learning process.

Can someone help me?

Answers

Answer:

Min = 2

Q1 = 4

Median = 11

Q3 = 16

Max = 18

Step-by-step explanation:

2, 4, 4, 7, 10, 11, 12, 13, 16, 17, 18

       Q1         Q2           Q3

Min (minimum value) = 2

Q1 = 4

Median (middle value Q2) = 11

Q3 = 16

Max (maximum value) = 18

A real estate agent is working for a developer who claims that the average commute time to downtown is 20 minutes with a standard deviation of 7 minutes. Stephon is an independent real estate agent and wants to check the times for his client. He took a random sample of 15 commute times and found an average of 26 minutes. He did hypothesis testing using a significance level of 5%. Which conclusion could he make? The z-statistic is 0. 22, so the null hypothesis should not be rejected. The z-statistic is 1. 69, so the null hypothesis should not be rejected. The z-statistic is 3. 32, so the null hypothesis should be rejected. The z-statistic is 3. 67, so the null hypothesis should be rejected.

Answers

We conclude that z-score = 0.0005 which is less than 5%.

To calculate the z-statistic,

We must first calculate the standard error.

What is the formula for standard error?

Standard error is standard deviation divided by the square root of the population.

[tex]standard error=\frac{standard deviation }{\sqrt{population} }[/tex]

In this case, it is equal to 1.81.

The z-score is defined the distance from the sample to the population mean in units of standard error.

z = (26 – 20)/1.81 = 3.31

Therefore we conclude that  z-score = 0.0005 which is less than 5%.

To learn more about the z-score visit:

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. In the diagram of collinear points, if AB = 42, AC = 65, then BC = _

Answers

Answer:

Bc 23

Step-by-step explanation:

because you muply 42 to 65 and u will get that the same answer

9x+3=14give your answer as an improper fraction in its simplest form

Answers

Answer:

11/9

Step-by-step explanation:

Anthony's sink is shaped like a half-sphere, and it has a volume of 512π cubic inches. It is completely full of water, and he has two different cylindrical cups he can use to scoop it out.

The blue cup has a diameter of 4 in. and a height of 8 in., and the green cup has a diameter of 8 in. and a height of 8 in.. How many cupfuls of water will it take for him to empty his sink using each cup?

In your answer, give the number of cupfuls it will take to empty the sink using each cup, and then explain how you calculated it.

please help

Answers

Answer:

It will take 16 cups to empty the sink with the blue cup and it will take 4 cups to empty the sink with the green cup.

I got this answer by doing the formula for a cylinder

Blue cup              Green cup

(π)(2^2)(8)         (π)(4^2)(8)

= 32π                  =128π

Then i divided them both by 512 and got the answer for the number of cupfuls it will take to empty the sink  

To empty the sink 16 cups it will take for the blue one and 4 cups it will take for the green cup.

It is given that Anthony's sink is shaped like a half-sphere, and it has a volume of 512π cubic inches.

It is required to find how many cupfuls of water to empty the sink.

What is volume?

It is defined as a three-dimensional space enclosed by an object or thing.

We have:

Sink volume V = 512π cubic inches

The blue cup diameter d(b) = 4 in or radius r(b) = 2 in          

and height h(b) = 8 in    

The green cup diameter d(g) = 8 in or radius r(g) = 4 in

and height h(g) = 8 in

The cup is the shape of a cylinder we know the volume of a cylinder is given by:

[tex]V = \pi r^2 h[/tex]

Volume for the blue cup:

[tex]\rm v(b) = \pi\times 2^2 \times 8[/tex]    [ r(b) = 2 in and h(b) = 8 in]

v(b) = 32π cubic inches

Volume for the green cup:

[tex]\rm v(g) = \pi\times 4^2 \times 8[/tex]   [r(g) = 4 in and h(g) = 8 in]

v(g) = 128π cubic inches

For a number of blue cups:

[tex]=\frac{512\pi}{32\pi}[/tex] ⇒ 16

For a number of green cups:

[tex]=\frac{512\pi}{128\pi}[/tex] ⇒ 4

Thus, to empty the sink 16 cups it will take for the blue one and 4 cups it will take for the green cup.

Learn more about the volume here:

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6
x
+
8
<
3
x
+
4

give your answer as an improper fraction in its simplest

Answers

6x + 8 < 3x + 4

6x - 3x < 4 - 8

3x < -4

x < - 4/3

Answer:

-4/3

Step-by-step explanation:

The figure below consists of a square and a right triangle. Find the missing length x.

Answers

Answer:

12

Step-by-step explanation:

pythagorean theorem

A gas station sells motor oil in 2-liter bottles. The gas station sold 6 bottles of oil each day for 8 days.

How many liters of motor oil did the gas station sell in these 8 days?

Answers

Answer:

96 liters

Step-by-step explanation:

Two liters are in each bottle, so that means they sold 12 bottles of oil each day. Multiply that with 8 days to get the answer:

12 × 8 = 96

Ninety-six liters.

Billy invested $18 of savings in two major business enterprises which paid interest at the rate of 3% and 6%, respectively. If his annual income for these two enterprises was equivalent to a return of 5% on the entire investment, find how much he invested at 3%.

Answers

Answer:

$6

Step-by-step explanation:

System of equations

x+y = 18

0.03x+0.06y = 5% of 18 = 0.9

(0.03x+0.06y=0.9)*100 = 3x+6y=90

(3x+6y=90)÷3 = x+2y=30

Substract (1)-(2)

x+2y=30 ... (1)

x+y=18 ... (2)

y=12

x+12=18

x=6

Thanks.

1. What is the algebraic expression for the following word phrase:
a. the sum of 4x and 3
b. the quotient of 5 and the sum of 9 and y
C.
the quotient of 7 and y

Answers

Answer & Step-by-step explanation:

a. 4x + 3 {sum means add the numbers together}

b. [tex]\frac{5}{9 + y}[/tex]  {quotient means divided by}

c. [tex]\frac{7}{y}[/tex]

Math, help, please!
Find the value of x

Answers

Answer:

x = 130

Step-by-step explanation:

A triangle always adds up to 180 de grees. If we do this we can find the value of x!!

33 + 97 + y = 180

130 + y = 180

180 - 130 = 50

Since the line x is on is a flat line and a flat line also equals 180, we will subtract the 50 from 180 to get x's value

180 - 50 = 130

Your answer is 130 :)

Have an amazing day!!

Please rate and mark brainliest!!

Answer:

x = 50°

Step-by-step explanation:

if you know the measure of two angles in a triangle then the third angle measure will be 180 minus the sum of the other two

in this case the two interior angles add to 130

180-130 = 50

check:   33 + 97 + 50 should equal 180, and it does

1. Are we limited to using a trigonometric function only in cases of an object that has a cyclical behavior? Is it possible to model physical, permanent, structures using the trigonometric functions?
2. Why can the movement of a yo-yo be modeled by a sinusoidal curve?

Answers

Trigonometric functions are not only used in cases of an object that has a cyclical behavior.

What is a trigonometric function?

It should be noted that trigonometric functions are real functions that relate the angle of a right angled triangle to the ratios of the two side lengths.

Trigonometric functions are not only used in cases of an object that has a cyclical behavior. It can be used to obtain unknown angles in geometric figures.

It can also be used to model the fluctuations in temperature data for a particular year.

The movement of a yo-yo can be modeled by a sinusoidal curve since it exhibits a periodic behavior.

Learn more about trigonometry on:

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Find the value of x that makes line m ll n

Answers

Answer:

See below ↓

Step-by-step explanation:

14.

Between two lines m ║ n, the ∦ cuts through them forming two anglesAs it forms a line, the sum of the angles is 180°3x + 47 + x + 7 = 1804x + 54 = 1804x = 126x = 126/4 = 63/2 = 31.5

15.

Alternate exterior angles on a transversal are equal5x = 2x + 783x = 78x = 26

please answer these quickly i need this

Answers

Answer:

A

Step-by-step explanation:

Solve by completing the Square
[tex]2x^{2} +3x=20[/tex]

Answers

Step-by-step explanation:

2x²+3x=20

2x²+3x=20

(√2x)²+2(√2x)(3/2√2)+(3/2√2)²-(3/2√2)²=20

(√2x+3/2√2)²=20+9/8

(√2x+3/2√2)²= 169/8

(√2x+3/2√2)= ±13/2√2

√2x=10/2√2 or -16/2√2

x= 10/4 or -16/4

x= 5/2 or -4

=
Find the area of a circle with a radius of 15 cm. (Use a = 3.14)
The area of the circle is_cm2. Round your solution to the
nearest hundredth, if applicable.

Answers

Step-by-step explanation:

Area of a circle = pi x r(squared)

= 3.14 x (15)2

= 3.14 x 225

=706.5cm2

I don’t understand this
7 yd 2 ft =_____ft

Answers

Answer:

23 ft

Step-by-step explanation:

Factor this number sentence for me please

3−12x

Answers

Answer: 3(1-4x)

Step-by-step explanation: if you distribute the answer, you will get 3-12x.

Have a nice day!

A new car is purchased for 21,800 dollars. The value of the car depreciates at a rate of 9.5% per year. Which equation represents the value of the car after 5 years?
ur m

Answers

Using an exponential function, it is found that the equation that represents the value of the car after 5 years is:

[tex]A(5) = 21800(0.905)^5 = 13234.25[/tex]

What is an exponential function?

A decaying exponential function is modeled by:

[tex]A(t) = A(0)(1 - r)^t[/tex]

In which:

A(0) is the initial value.r is the decay rate, as a decimal.

In this problem, the car is purchased for 21,800 dollars, and it's value deprecites 9.5% per year, hence the equation for it's value after t years is given by:

[tex]A(t) = A(0)(1 - r)^t[/tex]

[tex]A(t) = 21800(1 - 0.095)^t[/tex]

[tex]A(t) = 21800(0.905)^t[/tex]

After 5 years, the value is given by:

[tex]A(5) = 21800(0.905)^5 = 13234.25[/tex]

More can be learned about exponential functions at https://brainly.com/question/25537936

Diego then says, “If we take half of the first number and double the second, the sum is 14.” Write an equation that represents this clue. What are Diego’s two numbers? I have the first part which is the equation, but i can’t figure out what his two numbers are. Please help! Thank you!

Answers

so the equation is
X/2 + 2Y = 14
if we isolate X the equation becomes
X= 4Y - 28
we put the value of X inside of the first equation and it becomes
(4Y - 28)/2 = 14 - 2Y
the result of this equation is
Y = 7
we then put the value of Y inside of the first equation and X=0
so the numbers are 0 and 7
which is true because if you halve 0 and double 7 their sum is 14

Is (–5, 5) a solution to the equation y=x ?

Answers

Answer:

No.

Step-by-step explanation:

-5 =! 5

653005 number with commas as per the international number system

Answers

Answer:

653005 = 653,005 in the International System of Numeration, the number is (Six hundred fifty-three thousand and five)

PLS HELP ILL MARK AS BRAINLIEST

Answers

Answer:

296, 288, 280, 240

Step-by-step explanation:

y = -8x + 296 is a linear equation by which you're plugging the x values of 0,1,2,7 into it to get a y value.

y = 296 when x = 0,

y = 288 when x = 1,

y = 280 when x = 2,

y = 240 when x = 7.

Cheers!

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