Question

3. Note this example is using weeks instead of years to calculate the interest. Mr. Lindsey is

going to start a fund for the student who completes the highest amount of classwork
assignments during the rest of the quarter. He puts in $50 at the beginning of week one and
that money will draw interest at a given rate each week for 5 weeks. At the beginning of week 3
his honey business is going so well that he puts another 25 dollars in to draw interest for the
remaining 3 weeks. He puts another 30 at the beginning of week 4.
a) Write an expression to model this situation 50/5)
b) If I paid 4% interest over that period, how much money would the winner get?

Answer 1

Answer: Your welcome!

Explanation:

a) The expression to model this situation is (50/5) + (25/3) + (30/2). This expression represents the amount of money Mr. Lindsey has in the fund at each week, starting at $50 for the first 5 weeks, then adding $25 for the remaining 3 weeks, and then adding $30 for the last 2 weeks.

b) If 4% interest is paid over the period, the winner of the fund will get a total of $70.14. This is calculated by multiplying the expression from part a) by 1.04 (1.04 = 1 + 4%) to get the total amount of money in the fund at the end of the period. In this case, (50/5) + (25/3) + (30/2) * 1.04 = 70.14.