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Jerry, Jack and Sophie are all hoping to save money! Jerry thinks saving money in a shoe box in his closet every month is a good idea. He decides to start with $125, and then save $50 each month. Jack was given $3520 from his
Grandma, and decides to put the money
into an account that has a 6.5% interest rate that is compounded annually. Sophie has earned $3500 working at the movie theater decides to put her money in the bank in an account that has a 7.05% interest rate that is compounded
continuously

Part 1: Describe the type of equation that models Jerry's situation. Create that equation of Jerry's situation. Using the equation you created, how much money will be in Jerry's account after 3 years? 10 years?

Part 2: Describe the type of equation that models Jack's situation. Create that equation of Jack's situation. Using the equation you created, how much mone
will be in Jack's account after 3 years? 10 years?

Part 3: Describe the type of equation that models Sophie's situation. Create that equation of Sophie's situation. Using the equation you created, how much money will be in Sophie's account after 3 years? 10 years?

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  1. Jerry's plan:
    arithmetic series with a = 125 ,d = 50
    part 1, n = 36
    term(36) = a + 35d
    = 125+35(50) = 1875
    part 2, n = 120
    .....

    Jack:
    Amount after 3 years = 3520(1 + .065)^3 = 4,251.98
    amount after 10 years = .....

    Sophie:
    amount after 3 years = a e^(rt)
    3520 e^(.07(3)) = 4342.55

    amount after 10 years
    = .....

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  2. Is there anything else to this problem I need the help

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