A group of friends wants to go the amusement park.They have $94.25 to spend on parking and admission.Parking is $14.75 and the tickets cost $13.25 per person including tax.Write and solve an equation which can be used to determine p,the number of people who can go to the amusement park.

Step-by-step explanation:

The initial amount invested, P = $1,600

Danny's age at which the amount, A, is to be used for his college, t = 19 years

The number of equal annual payments, m, to be withdrawn from the amount = 4

The compound interest on the account, r = 7% = 0.07

Let, A, represent the amount at the year the annual withdrawals starts to be made, we have;

n = The number of times the interest is applied annually = 1

Therefore;

The amount, m, is withdrawn at start of Danny's first year in college to give the amount in the account = A - m

The amount in the account at the end of the first year with compound interest, r = (A - m)×(1 + r)¹ = (A - m)×(1 + r)

At the stat of the second year, the second withdrawal is made to give the starting amount = (A - m)×(1 + r) - m

The amount in the account at the end of the second year = ((A - m)×(1 + r) - m)×(1 + r)

At the start of the third year, the amount in the account =  ((A - m)×(1 + r) - m)×(1 + r) - m

At the end of the third year, we have the amount in the account  = (((A - m)×(1 + r) - m)×(1 + r) - m) × (1 + r)

At the start of the forth year, the last yearly installment is withdrawn from the account and we have 0 balance in the account.

Therefore, on the fourth year, we have the amount in the account = (((A - m)×(1 + r) - m)×(1 + r) - m) × (1 + r) - m = 0

(A - m)×(1 + r)³ - m×(1 + r)² - m × (1 + r) - m = 0

A×(1 + r)³ - m×(1 + r)³ - m×(1 + r)² - m × (1 + r) - m = 0

A×(1 + r)³ = m×(1 + r)³ + m×(1 + r)² + m×(1 + r) + m = m × ((1 + r)³ + (1 + r)² + (1 + r) + 1)

A×(1 + r)³ = m × ((1 + r)³ + (1 + r)² + (1 + r) + 1)

m = A×(1 + r)³/((1 + r)³ + (1 + r)² + (1 + r) + 1)

∴ m = 5,786.444×(1 + 0.07)³/((1 + 0.07)³ + (1 + 0.07)² + (1 + 0.07) + 1) ≈ 1,596.56

The amount withdrawn annually, m ≈ $1,596.56

The amount in the account at the end of the each year is given as follows;

First year = (A - m)×(1 + r) = (5,786.444 - 1,596.56)×(1 + 0.07) ≈ 4,483.17588

Second year = ((A - m)×(1 + r) - m)×(1 + r) = ((5,786.444 - 1,596.56)×(1 + 0.07) - 1,596.56)×(1 + 0.07) = 3,088.68

Third year = (((A - m)×(1 + r) - m)×(1 + r) - m) × (1 + r) = (((5,786.444 - 1,596.56)×(1 + 0.07) - 1,596.56)×(1 + 0.07) - 1,596.56) × (1 + 0.07) = 1,596.57

At the end of the first year, we have $4,483.17588

At the end of the second year, we have $3,088.68

At the end of the third year, we have $1,596.57

At the end of the fourth year, we have 0