Mathematics: Graph the linear equation x=2. how do you solve this? look at image.

Graph the linear equation x=2. how do you solve - id23793874, christianfielding336

cchsemily7210

07.02.2023

He invest $10101.01.

Step-by-step explanation:

Given : Mark knows that he will need to buy a new car in 5 years. The car will cost $15,000 by then.

To find : How much should he invest now at 8%, compounded quarterly, so that he will have enough to buy a new car?

Solution :

Using compound interest formula,

A=P(1+r)^t

Where, A is the amount A=$15000

P is the principle P=?

r is the rate r=8%=0.08

t is the time t= 5 years

Substitute the value,

A=P(1+r)^t

$15000=P(1+\frac{0.08}{4})^{5\times4}$

$15000=P(1+0.02)^{20}$

$15000=P(1.02)^{20}$

$15000=P\times 1.485$

$P=\frac{15000}{1.485}$

P=10101.01

Therefore, He invest $10101.01.

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