SOLUTION: hello out there i need help with four algebra questions can anybody help and if so thank you very much,here is the problems:How much interest will Ms.Williams earn if she invests $

Question 70992: hello out there i need help with four algebra questions can anybody help and if so thank you very much,here is the problems:How much interest will Ms.Williams earn if she invests $500 at 5% for 6 years.The next one is,Manny opens a savings account that earns 6% annual interest.His goal is to earn $600 interest in 5 years.How much money does he need to deposit?The next one is,express 7 over 8 as a percent.And the last question is,Mr.Ortega buys a car for $16,500.A state sales tax of 4% is then added to the price of the car.What is the total price?Thank you to whoever helps me
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How much interest will Ms.Williams earn if she invests $500 at 5% for 6 years.
That depends on how it is invested: simple interest or compound interest
If simple interest: A= P + Prt= P(1+rt)=500(1+0.05*6)=500(1.3)=$650
If compound interest: A=P(1+r/n)^(nt)=500(1+0.05)^(6)=500*1.34=$670.05
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The next one is,Manny opens a savings account that earns 6% annual interest.His goal is to earn $600 interest in 5 years.How much money does he need to deposit?
Assuming simple interest: Interest = Prt; 600=P(0.06)5;P=600/0.3=$2000
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The next one is,express 7 over 8 as a percent
7/8=0.875 = 87.5%
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.And the last question is,Mr.Ortega buys a car for $16,500.A state sales tax of 4% is then added to the price of the car.What is the total price?
Let "x" be the total price:
x=16,500 + 0.04(16,500) = 1.04(16,500) = $17,160
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Cheers,
stan H.
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