Janine opens a savings account with a deposit of $720. the account pays 3.4% interest, compounded daily. what is the first day's interest? round to the nearest cent.

A) y = 24000 - 3000 x

B) 4 years

Step-by-step explanation:

Part A

We need to write a formula for the car value y, after x years, knowing that:

So to calculate the car value after x years we must subtract to the initial car value (fixed independent term) how much the value has depreciated, that is $3000 multiplied by the amount of years x.

So the car value will be calculated as:

y = 24000 - 3000 x

Part B

The question asks after how many years the car value will be $12000

So, y = 12000

we need to calculate the years x

Lets replace in the formula and solve for x:

12000 = 24000 - 3000 x

we must isolate x by doing the opposite operations:

12000 - 24000 = 24000 -24000 -3000 x

-12000 = -3000 x

-12000 / (-3000) = -3000 x / (-3000)

4 = x

After 4 years the car value will be $12000