Three different divers kept track of the number of treasure boxes they've found this year.
2 answers:
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Answer:
Option c. 18 withdrawals is correct
Step-by-step explanation:
Gareth has to invest = $2,000
His local bank gives 2.2% annual interest and gives him the ability to make ATM withdrawals without any charges.
In an online savings gives 4.85% annual interest, but charges $3 every time he makes an ATM withdrawal.
Let us find the amount of interest earned from the local bank.
The amount of interest earned from Local Bank = 2.2% of 2000
= × 2000
= 0.022 × 2000 = $44
The amount of interest earned from online savings = 4.85% of 2000
= × 2000
= 0.0485 × 2000 = $97
As it is given that savings account has no ATM withdrawal charges but online savings account charge $3.00 per withdrawal.
so we need to make x withdrawals from both accounts such that:
97 - 3x = 44
Let us solve for x.
Upon subtracting 97 from both sides of or equation we will get,
97 - 97 - 3x = 44 - 97
3x = -53
x = 17.666 rounded to 18
Therefore, Gareth must make 18 ATM withdrawals every year for the local savings account to be a better deal than the online savings account.
Answer:
21 years
Step-by-step explanation:
Use the equation
where x is the number of years passed.
Once you've solved for it, x=20.475319. Although it's closer to 20 years to the nearest year, it's 21 years since you'll wont reach 3000 in year 20.