Answer:
(a)His monthly Interest Rate=0.8%
(b)Annual Interest Rate = 9.6%
(c)
Step-by-step explanation:
For a Principal P invested at a yearly rate r, compounded m times in t years
Amount at Compound Interest=
Comparing with Jerry's equation y=388 (1.008)
(a)His monthly Interest Rate= 0.008=0.8%
(b)Annual Interest Rate= Monthly Interest Rate X 12 =0.8 X 12 = 9.6%
(c)If I invest $500 at the same rate of return,
Total Money after m months
=
If you need area of the trapezoids:
Area of parallelogram = 10×7 = 70 sq. units
Area of each trapezoid = 1/2 × area of parallelogram = 1/2 × 70 = 35 sq. units
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