John deposited $2860 in a bank that pays 9% interest, compounded monthly. Find the amount he will have at the end of 3 years.
1 answer:
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Answer:
y = 0.2x + 250
Step-by-step explanation:
let the sales be x and y be earnings
thus,
given
x₁ = $3,500 ; y₁ = $950
and,
x₂ = $2,800 ; y₂ = $810
Now,
the standard line equation is given as:
y = mx + c
here,
m is the slope
c is the constant
also,
m =
or
m =
or
m = 0.2
substituting the value of 'm' in the equation, we get
y = 0.2x + c
now,
substituting the x₁ = $3,500 and y₁ = $950 in the above equation, we get
$950 = 0.2 × $3,500 + c
or
$950 = $700 + c
or
c = $250
hence,
The equation comes out as:
y = 0.2x + 250