Answer:
a) If Thaddeus is not wrong, his monthly income is $6,185.
x/12.37 = 100/0.2
0.2x = 1237
x = 1237/0.2x
x = 6,185
b) If Thaddeus's friend is correct, Thaddeus's monthly income is $618.5
x/12.37 = 100/2
2x = 1237
x = 1237/2x
x = 618.5
Ronisha invests $5000 in an account that earns 2.3% annual simple interest. After 3 years, Ronisha invests the interest earned in a second account. This account earns 3.2% annual interest. Ronisha leaves the money in this account until she has earned $55.20 in interest.
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