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2 years ago

8

Dan invests £2200 into a savings account. The bank gives 5% compound interest for the first 3 years and 4% thereafter. How much

will Dan have after 7 years to the nearest pound?

2 answers:

Naily [24]2 years ago

7 0

Present value = 2200
interest rates =5% for 3 years, and 4% afterwards
no. of periods = 7

Future value=2200*(1.05)^3(1.04)^(7-3)
=<span>£</span>2979.367 (please round to appropriate number of decimals)

Brilliant_brown [7]2 years ago

7 0

The <em><u>correct answer</u></em>, to the nearest pound, is:

2979

Explanation:

Compound interest can be written as an equation of the form

$y=a(1+r)^t$ ,

where <em>a</em> is the initial deposit, r is the interest rate as a decimal number, and t is the number of years.

For the first 3 years, we have <em>a</em> = 2200, r = 5% = 5/100 = 0.05; and t = 3:

$y=2200(1+0.05)^3\\\\=2200(1.05)^3=2546.775$

This will be the "initial deposit" in the account with 4% interest. This gives us that

<em>a</em> = 2546.775; r = 4% = 4/100 = 0.04; and t = 7-3 = 4:

$y=2546.775(1+0.04)^4\\\\=2546.775(1.04)^4=2979.367 \approx 2979$

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Answer:

The perimeter of the trapezoid is $38.25\ units$

Step-by-step explanation:

we know that

The perimeter of the trapezoid is the sum of its four side lengths

so

In this problem

$P=QR+RS+ST+QT$

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$d=\sqrt{(y2-y1)^{2}+(x2-x1)^{2}}$

we have

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step 1

Find the distance QR

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substitute the values in the formula

$d=\sqrt{(16-8)^{2}+(14-8)^{2}}$

$d=\sqrt{(8)^{2}+(6)^{2}}$

$d=\sqrt{100}$

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step 2

Find the distance RS

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substitute the values in the formula

$d=\sqrt{(16-16)^{2}+(20-14)^{2}}$

$d=\sqrt{(0)^{2}+(6)^{2}}$

$d=\sqrt{36}$

$RS=6\ units$

step 3

Find the distance ST

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substitute the values in the formula

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$d=\sqrt{(-8)^{2}+(2)^{2}}$

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step 4

Find the distance QT

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substitute the values in the formula

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Read 2 more answers

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$Z = \frac{X - \mu}{\sigma}$

The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.

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1 - 0.9716 = 0.0284

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Each day, 2.84% probability that he is late for his first lecture.

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