Khiry has money in a savings account at the bank that increases by the same amount of interesr each year. In 2003 khiry had $200 in the bank. In 2006, Khiry had $215 in the bank.In how mnany years will Khiry hav $230?
The cost of gasoline per gallon in 1989 is $2.39. In 1995, the cost of gas per gallon is $2.69. In what year will the cost of gas be $2.89?
Mr. Jenssen's car decreased in value at a constant rate at the start of each successive year. The casr was worth $11,000 in 2003 and $9,600 in 2007. When the car was worth $8,900, he sold it, In what year did Mr. Jessen sell the car?
Problems 1 and 2$2.69-$2.39 don't make it clear how many years but I will assume we subtract 2006-2003 = 3 years.
So the $200 has grown by $15 in the 3 year or $5/year.
Let x = number of years
200 + 0.05x = 230
Solve for x and add to year 2003.
$2.69-2.39 = 0.30 increase in 6 years (1995-1989) which is 0.05/year.
Let x = number of years.
2.39 + 0.05*x = 2.89
x = (2.89-2.39)/0.05 = 10 years and add that to 1989.
Problem 3 states how the years are to be counted; i.e., at the start of each year. The car is worth $11,000 at the start of 2003 and at the start of 2007 it was worth %9,600. That's 4 years so it is decreasing at the rate of $(11,000-9600)/4 = $350/year.
Let x = number of years.
11,000 - 350x = 8,900
x = 6 years; add that to 2003 so he must have sold the car at the start of the year
2009. Check my work.
To solve the first question about Khiry's savings account, we need to find out the annual interest increase. We can do this by subtracting the initial amount from the final amount and dividing it by the number of years that have passed.
Step 1: Calculate the interest increase per year:
Increase in amount = Final amount - Initial amount = $215 - $200 = $15
Number of years = 2006 - 2003 = 3
Interest increase per year = Increase in amount / Number of years = $15 / 3 = $5
Step 2: Determine the number of years it will take for Khiry to have $230:
Target amount = $230
Yearly increase = $5
Number of years = (Target amount - Initial amount) / Yearly increase = ($230 - $200) / $5 = 6
Therefore, Khiry will have $230 in 6 years.
Now let's move on to the second question about the cost of gas per gallon.
Step 1: Calculate the increase in gas price per year:
Increase in price = Final price - Initial price = $2.69 - $2.39 = $0.30
Number of years = 1995 - 1989 = 6
Step 2: Determine the year when the gas price will be $2.89:
Target price = $2.89
Yearly increase = $0.30
Number of years = (Target price - Initial price) / Yearly increase = ($2.89 - $2.39) / $0.30 = 1.67
Since we cannot have a fraction of a year, we need to round up to the nearest whole number. Therefore, the gas price will be $2.89 in 2 years.
Lastly, let's solve the third question about Mr. Jenssen's car value.
Step 1: Calculate the decrease in car value per year:
Decrease in value = Initial value - Final value = $11,000 - $9,600 = $1,400
Number of years = 2007 - 2003 = 4
Step 2: Determine the year when the car value was $8,900:
Target car value = $8,900
Yearly decrease = $1,400
Number of years = (Initial value - Target value) / Yearly decrease = ($11,000 - $8,900) / $1,400 = 1.5
Since we cannot have a fraction of a year, we again round up to the nearest whole number. Therefore, Mr. Jenssen sold the car in 2005.