Determine the interest earned on a 3 and 1/4 year investment of $2880 at a rate of 4.5%
1 answer:
Answer:
The interest earned is $421.2.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
In this question:
So
The interest earned is $421.2.
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<h3>Answer: </h3><h3>See the attached image below for the table</h3>
In column 1 we have the x values 0, 4, 8, 12
In column 2, we have the y values 1, 2, 3, 4
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Explanation:
We can start with any x value we want. I find that 0 is easiest to work with, so why not start at x = 0. For the sake of not repeating, I'll use y = 1 as the start value for y.
The first row of the table is x = 0 and y = 1.
A slope of 1/4 means rise/run = 1/4. So rise = 1 and run = 4.
A rise of 1 indicates y goes up by 1. A run of 4 means x increases by 4.
So put together, slope = 1/4 means each time x goes up by 4, y goes up by 1.
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If we started at x = 0, then going up by 4 leads to x = 4. If y starts at y = 1, then going up by 1 leads to y = 2.
The second row of the table is x = 4 and y = 2
We'll repeat the pattern of "add 4 to x, add 1 to y" getting the third row having x = 8 and y = 3
We can repeat as many times as we want. Doing another "up 1, over to the right 4" movement lands us on (x,y) = (12, 4)
The completed table is shown below in the attached image.
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If you were to use the slope formula with any two rows of the table, then you should get m = 1/4
Let's do the first two rows
m = (y2-y1)/(x2-x1)
m = (2-1)/(4-0)
m = 1/4
I'll let you check the other pairs of rows.