SOLUTION: I'm having problems solving this word problem. I need two different plans with equations. I can't figure out the equations for this problem. Is x the same for both equations? Selec

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: I'm having problems solving this word problem. I need two different plans with equations. I can't figure out the equations for this problem. Is x the same for both equations? Selec      Log On


   

Question 281697: I'm having problems solving this word problem. I need two different plans with equations. I can't figure out the equations for this problem. Is x the same for both equations? Select an investment plan for a family with a child that is x years old and has y dollars to investment.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
I need two different plans with equations. I can't figure out the equations for this problem. Is x the same for both equations? Select an investment plan for a family with a child that is x years old and has y dollars to investment.
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I assume you mean the plan is x years old.
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Simple Interest investment: Value of an investment of y dollars after x years :
A(x) = y(1+rx) where r is the annual rate of interest.
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Compound Investment:Value of an investment of y dollars after x years:
A(x) = y(1+(r/n))^(nx) where n is the number of times the money is
compounded each year.
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Cheers,
Stan H.