Sophie graduates from college and gets a job and rents an apartment. She knows that eventually she will like to buy a house. She decides to start saving for a downpayment on a house. Sophie decides to save $350 at the end of each month in a savings account with a 6% annual interest rate, compounded monthly. How much money will she have saved after 5 years? a. Why will the first deposit be in the account for 59 months? b. If the annual interest rate is 6% what will be the interest rate
Equations and Inequations
Equations and inequalities describe the relationship between two mathematical expressions.
Linear Functions
A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.
Sophie graduates from college and gets a job and rents an apartment. She knows that eventually she will like to buy a house. She decides to start saving for a downpayment on a house. Sophie decides to save $350 at the end of each month in a savings account with a 6% annual interest rate, compounded monthly. How much money will she have saved after 5 years?
a. Why will the first deposit be in the account for 59 months?
b. If the annual interest rate is 6% what will be the interest rate applied each month?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
