Question

wood 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 andter 8 years, the account held $10,350.se this information to complete the statements.

Answer 1

Over the first 3 years, the value of the account increased at $50 more per year than over the last 5 years. Over the entire 8 years, the value of the account increased at an average rate of approximately $668.75 annually.

To find the average rate of increase over a period, you can use the formula:

`\[ \text{Average Rate of Increase} = \frac{\text{Final Value} - \text{Initial Value}}{\text{Number of Years}} \]`

Over the first 3 years:

`\[ \text{Average Rate of Increase} = \frac{\$7,100 - \$5,000}{3 \text{ years}} = \frac{\$2,100}{3 \text{ years}} \]`

So, over the first 3 years, the value of the account increased at an average rate of $700 per year.

Over the last 5 years:

`\[ \text{Average Rate of Increase} = \frac{\$10,350 - \$7,100}{5 \text{ years}} = \frac{\$3,250}{5 \text{ years}} \]`

Therefore, over the last 5 years, the value of the account increased at an average rate of $650 per year.

Over the entire 8 years:

`\[ \text{Average Rate of Increase} = \frac{\$10,350 - \$5,000}{8 \text{ years}} = \frac{\$5,350}{8 \text{ years}} \]`

Hence, over the entire 8 years, the value of the account increased at an average rate of approximately $668.75 annually.

Answer 2

Given

wood invested $5,000

after 3 years, the account held $7,100

after 8 years, the account held $10,350.

Find

How much value of the account increased over the last 5 years

over 8 years , the value fo account increased at which rate

Step-by-step explanation

invested $5,000

after 3 years, the account held $7,100

after 8 years, the account held $10,350.

so , over first 3 years the value of account increased = $ 7,100 - $5000 = $2,100

over the last 5 years , the value of account increased = $10,350 - $7,100 = $3,250

average rate of increasing the account over 8 years =

`(10350-5000)/(8)=(5350)/(8)=668.75`

Final Answer

Therefore , the over the first 3 years the value of account increased at $3250 over the last 5 years.

over 8 years , the value fo account increased at an average rate of approximately $ 670