Question

HELP ME PLSS!!

Oliver, Lily, and Ella are hoping to save money. Oliver thinks saving money in a shoe box in his closet every month is a good idea. He decides to start with $150, and then save $75 each month. Lily was given $4000 from her Great Uncle Merv, and decides to put the money into an account that has a 7% interest rate that is compounded annually. Ella has earned $4500 working at the gas station and decides to put her money in the bank in an account that has a 7.5% interest rate that is compounded continuously.

the question is Describe the type of equation that models Ella’s situation. Create that equation of Ella’s situation. Using the equation you created, how much money will be in Ella’s account after 2 years? 10 years?

Answer 1

You'd first have to divide the first to, then add an divide your sume by the percent to get your answer.

Answer 2

Explanation:

Use formulaic methods. Since she has interest on her money, we have to include it:

i = log(x-4*7)^k

i is the interested amount, x is the variable we use, and k is the number of times. 7 is the interest

i = log(4000-4x7)^2 for 4000 at 7% interest over 2 years

i = log(4000-4x7)^10 for 4000 at 7% interest over 10 years

Amount after 2 years: $30,000

Amount after 10 years: $15,671