Question

Elwood invested $5,000 in a money market account and has been tracking its progress. He found that after 3 years, the account held $7,100 and after 8 years, the account held $10,350. Use this information to complete the statements. Over the first 3 years, the value of the account increased at ___ over the last 5 years. Over the entire 8 years, the value of the account increased at an average rate of approximately $___ annually.

Answer 1

The value of the account increased at a rate of $700 over the first 3 years, and the average annual increase over the entire 8 years was approximately $668.75.

Step-by-step explanation:

The value of the account increased at a rate of $700 over the first 3 years.
To calculate the average annual increase over the entire 8 years, we can subtract the initial value of the account from the final value and divide it by the number of years: $10,350 - $5,000 = $5,350. $5,350 / 8 = $668.75.
Therefore, over the first 3 years, the value of the account increased at a rate of $700, and over the entire 8 years, the average annual increase was approximately $668.75.

Answer 2

drop down 1 a slower rate per year

drop down 2 670

Step-by-step explanation:

as in three years you get $7100

you take that and subtract it by your starting amount (5000)

7100-5000= 2100

then divide 2100 by the number of years (3)

to get your annual rate of 700$

then you take the 8 year total and subtract it from your 3 year total

10350-7100= 3250

Then divide that by 5 because that how many years it has been

to get the annual rate of 650

making the 5 year rate slower.

The to find the average rate over all 8 year you take 10350 and subtract it from your starting number 5000

10350-5000= 5350

then take 5350 and divide it by the number of years (8)

you then get you average rate of 668.75

668.75=670

Hope this helps!