MArta has $6000 to invest. She puts x dollars of this money into a savings account that earns 2% interest per year. With the rest, she buys a certificate of deposit that earns 4% per year.
i need 2 different equations.
[using a=prt and/or a=p(1+r/n)^nt]
What is your question?
Are you finding the amount after some time?
You gave no time period.
You gave the simple interest formula and the compound interest formula, state which investment fits each method.
Please restate your question.
after one year...
Marta has $6000 to invest. She puts x dollars of this money into a savings account that earns 2% interest per year. With the rest, she buys a certificate of deposit that earns 4% per year. I'm guessing it's monthly. I need to know the equation for the amount of money T Marta will have in one year. however, as I'm reading it, I'm not sure whether you have to use te compound interests.
Then there's a separate question saying: Suppose at the end of one year, Marta has a total of $6210. How much money did Marta invest in each amount (savings acount and certificate of deposit)
To solve this problem, we need to set up two equations using the interest formulas for the savings account and the certificate of deposit. Let's start with the equation for the savings account:
Equation 1:
a = p * r * t
In this equation:
a represents the amount of interest earned,
p represents the principal amount (the amount of money invested),
r represents the interest rate as a decimal, and
t represents the number of years the money is invested for.
Since we want to find the interest earned on the savings account, we can use the given information: the principal amount is x dollars, the interest rate is 2% (or 0.02 in decimal form), and the time period is not specified.
Equation 1 becomes:
a1 = x * 0.02 * t
Now, let's move on to the equation for the certificate of deposit:
Equation 2:
a = p * (1 + r/n)^(n*t)
In this equation:
a represents the amount of interest earned,
p represents the principal amount (the amount of money invested),
r represents the interest rate as a decimal,
n represents the number of compounding periods per year, and
t represents the number of years the money is invested for.
In this case, the principal amount invested in the certificate of deposit is the remaining money, which is (6000 - x) dollars. The interest rate is 4% (or 0.04 in decimal form), and the time period is not specified.
Equation 2 becomes:
a2 = (6000 - x) * (1 + 0.04/n)^(n*t)
Please note that both equations assume that the interest earned is added back into the principal amount, resulting in compound interest.