Questions on Word Problems: Money, Business and Interest answered by real tutors!

Tutors Answer Your Questions about Money Word Problems (FREE)

Question 736712: Michel writes the expression |x - 5|,
where x is a real number, without the
absolute value symbol. His answer is
shown below.
|x - 5| = {x - 5, if x - 5 ≥ 0
-(x - 5), if x - 5 < 0
|x - 5| = {x - 5, if x ≥ 5
5 - x, if x < 5

explain the steps in Michel's solutions
Click here to see answer by stanbon(75887)

Question 736872: YOU DIPOSIT $3000 IN ASAVING ACCOUNT THAT EARNS 9% SIMPLE INTEREST PER YEAR.HOW MANY YEARS WILLL IT TAKE TO DOUBLE YOUR BALANCE?

Click here to see answer by lynnlo(4176)

Question 736872: YOU DIPOSIT $3000 IN ASAVING ACCOUNT THAT EARNS 9% SIMPLE INTEREST PER YEAR.HOW MANY YEARS WILLL IT TAKE TO DOUBLE YOUR BALANCE?

Click here to see answer by emeshdem@gmail.com(1)

Question 736969: Find the balance in each account for the given principle and annual interest rate. $230, 10%

$23.00
$2,300.00
$253.00
$25.30

Click here to see answer by rfer(16322)

Question 736967: If you borrow $550 from a credit union at 9% annual interest and $300 from a bank at 15% annual interest, what is the effective annual interest rate (that is, what single rate of interest on $850 would result in the same total amount of interest)? (Round your answer to one decimal place.)
Click here to see answer by rfer(16322)

Question 736979: If 15,000 is invested at an interest rate of 11% per year, find the amount of the investment after 5 years for each of the compounding methods
Click here to see answer by rfer(16322)

Question 737012: Your job pays you $1,600 per month. All taxes combined reduce your pay by 25%. Your current total expenses are $1,200. You want to join a health club for $75 per month. Can you afford it?
Click here to see answer by jim_thompson5910(35256)

Question 736922:

Sally buys the $20 CD. The sales tax is 8%. She makes $100 a week. What % of Sally's income is the amount of the tax?

Click here to see answer by checkley79(3341)

Question 737209: Julie borrows $60,000 from a bank that is charging eight percent interest, compounded annually.
If she pays the loan back in eight years, approximately how much interest will she pay?
a $39,840
b $39,994
c $42,120
d $51,056
Click here to see answer by jim_thompson5910(35256)

Question 737238: If $13,000 is invested at 6% interest compounded monthly, fing the interest earned in 15 years??
Click here to see answer by rfer(16322)

Question 737349: a company always makes axactly as many units of its product as it sells.Its fixed costs are R15 000.00 per year. in addition,it costs R3.00 to make one unit, and each unit sells for R8.50. At what level of output and sales per year will the company make a profit of R29 000.00 per year.
Click here to see answer by sachi(548)

Question 737524: If a company spends $21,000 per month on retirement and savings for its employees, how much will it spend on wages and salaries per year?
Click here to see answer by checkley79(3341)

Question 737643: How much money would be in an account if $ 6,000 is deposited at 3% interest compounded continuously and the money is left for 15 years.
Click here to see answer by rfer(16322)

Question 737961: Collin earns $75 for 6 hours of work. at that rate, how many hours would she have to work to earn $ 500?
Click here to see answer by josmiceli(19441)

Question 737958:
Find the final amount of money in an account if &4,700 is deposited at 4.5% interest compounded semi-annually and the money is left for 9 years.
Click here to see answer by checkley79(3341)

Question 737970: I need help with this one question. It says: "You deposit $1500 in an account that pays 5% interest compounded yearly. Find the balance for the given time period." I understand how to set it up, but I don't know what t=Time would be. It says the interest is compounded yearly so what would be t?
Click here to see answer by lynnlo(4176)

Question 738300: If a waiter gets a $180 tip, how much was the meal?. The tip is 15%
180=0.15x
1200 = x
Click here to see answer by smg1217(1)

Question 738319: Find the exact interest on a loan of 6,000 at 9% annually for 80 days
Click here to see answer by rfer(16322)

Question 738377: what is the return on investment in dollars and as a percentage for an investment that you purchase for $500 and sell for $600
Click here to see answer by rfer(16322)

Question 738828: Middle school earns $1,760 by selling 400 tickets to the school play.tickets cost $5 for adults and $3 for students. How many adult tickets were sold ?
Click here to see answer by richwmiller(17219)

Question 738958: Six grapefruits cost as much as ten oranges. The cost of a dozen grapefruit and two dozen oranges is 33$. How many cents does one orange cost?
Click here to see answer by josgarithmetic(39613)

Question 738983: Asha received $8.00 for pocket money last week. this week it was increased by 25%. how much money did Asha receive this week?
Click here to see answer by rfer(16322)

Question 739033: if a hurricane lasts 27 hours, what is the diameter of the storm?
Click here to see answer by unlockmath(1688)

Question 739002: Could I please get some help on this problem? Thank You!
Your new born child will be starting college in 18 years. You expect your child's college education to cost $19,770 per year, due at the beginning of each year. How much must you set aside at the end of each year for your child to attend four years of college. You will not make any more deposit after the child turns 18. Assume an interest rate of 6.11%.
Correct Answer: 2,321.77
What I did:
FV = c/r[((1+r)^t)-1]
FV = 19,770/.0611[((1+.0611)^4)-1]
FV = 86,627.41
C = 86,627.41/(1/.0611)[1-((1/1.0611)^18)]
C = 8,066.82 <--- I should be getting 2,321.77 not 8,066.82
Click here to see answer by MathTherapy(10549)

Question 739212:
Find the total amount returned for a 7-year investment of $2600 at a simple annual rate of 2.73%.
Click here to see answer by checkley79(3341)

Question 739621:
Two investments earn an annual income of $221. One investment earns an annual simple interest rate of 8.9%, and the other investment earns an annual simple interest rate of 6.6%. The total amount invested is $3000. How much is invested in each account?
Click here to see answer by checkley79(3341)

Question 739556:

5,000 Invested at 4% APR for 7 years with an annual compunding.find the balance
Click here to see answer by checkley79(3341)

Question 739728:
Nico is saving money for his college education. He invests some money at 7%, and $1800 less than that amount at 3%. The investments produced a total of $196 interest in 1 year. How much did he invest at each rate?
Click here to see answer by checkley79(3341)

Question 739758: At a sale this week, a suit is being sold for $306. This is a 28% discount from the original price. What is the original price?
Click here to see answer by josmiceli(19441)

Question 739904: 1. Solve the following simple interest word problem:
Sue, a recent retiree, requires $6,000 per year in extra income. She has $50,000 to invest and can invest in B-rated bonds paying 15% per year or in a certificate of deposit (CD) paying 7% per year. How much money should be invested in each to realize exactly $6,000 in interest per year?
2. Solve the following time-distance word problem:
A motorboat heads upstream a distance of 24 miles on a river whose current is running at 3 miles per hour (mi/hr). The trip up and back takes 6 hours. Assuming that the motor boat maintained a constant speed relative to the water, what was its speed?

Click here to see answer by mananth(16946)

Question 739875: Ivan had $10,000 to invest. He invested some in an account that paid 7% simple interest per year and some in an account that paid 5% simple interest per year. After 1 year he received a total of $680 in interest. How much did he invest in each account?
(I tried to set up a table, but all I know is the amount of time, the total principal and the total interest. I can't figure out what variables to use or where to place them to form an equation to solve.
Click here to see answer by mananth(16946)

Question 740080: If i put five dollars in a savings account 35 years ago how much would it be today?
Click here to see answer by lynnlo(4176)

Question 740202: Please help
In January, you deposit $150 into your account. Every month after that, you deposit 10% more than you did the month before. How much did you deposit in August?
Click here to see answer by MathLover1(20849)

Question 740308: "A sum of $3300 is invested, part of it at 10% interest and the remainder at 12%. If the interest earned by the 12% investment is $143 more than the interest earned by the 10% investment, find the amount invested at each rate."
I would like help with setting up a proper equation and solving.
Thank you!
Click here to see answer by mananth(16946)

Question 740380: Six friends decided to buy a house.So they agreed to give the same amount of money for the house, but later two of them withdrew from the agreement and the four friends left had to give an addition of 4500$ in order to buy the house. What is the price of the house?
Click here to see answer by ankor@dixie-net.com(22740)

Question 740498: 3.
Lap Dogs Inc. is planning for next year and has the following summarized results so far ($000):
Income Statement
EBIT
236
Interest
?
EBT
?
Income tax
?
EAT
?
Balance Sheet
This year
Next Year
Assets
582
745
Current liabilities
63
80
Debt
275
?
Equity
244
?
Total liab & equity
582
745
The Firm pays interest of 12% on all borrowing and is subject to an overall tax rate of 38%. It paid interest of $20,000 this year and plans a $75,000 dividend next year. Complete Lap Dog�s forecast of next year�s financial statements. Round all calculations to the nearest $1,000.

Click here to see answer by lynnlo(4176)

Question 740866: At 4.75 percent interest, how long does it take to quadruple your money?
At 4.75 percent interest, how long does it take to double your money?
Click here to see answer by lynnlo(4176)

Question 741160: If 1 business partner invests $2000.00 and the other partner invest $67000.00 and when they sell the business they get $50,000 what amount do they share among themselves.
Click here to see answer by stanbon(75887)

Question 741269: you win 600 dollars in 2008 and put it in the bank to save up for a new car. if the annual interest rate is 2.2 percent compounded monthly, during which interval will your balance be less than 750 dollars?
Click here to see answer by Alan3354(69443)

Question 741736: an ice cream store sells cones for $0.90 and sundaes for $1.65. on a day when 148 cones and sundaes total were sold, the sales were $180.54. how many sundaes were sold?
Click here to see answer by richwmiller(17219)

Question 742265: hans opens a savings account by depositing $1200 in an account that earns 3% interest compounded weekly. how much will his investment be worth in 10 years? assume there are exactly 52 weeks in a year and round your answer to the nearest cent

Click here to see answer by jim_thompson5910(35256)

Question 742408: 4% of x is $740. What is x?
Click here to see answer by Edwin McCravy(20054)

Question 742333: on melissas 6th birthday she gets a $6000 CD that earsn 5% interest, compounded semianually. If the CD matures on her 15th birthday, how much money will be available?
Click here to see answer by checkley79(3341)

Question 742512:
Ernest receives $555 per year from his $7000 investment in municipal and corporate bonds. His municipal bonds pay 6% and his corporate bond pays 9% How much money is invested in each type of bond?
Click here to see answer by checkley79(3341)

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