PLEASE HELP ASAP. GIVING BRAINLIEST Gizmo is investing in TikTok stock. He plans on adding an additional $250 at the end of every year

Question

PLEASE HELP ASAP. GIVING BRAINLIEST
Gizmo is investing in TikTok stock. He plans on adding an additional $250 at the end of every year and the expected monthly rate of return is 8.3% of the amount invested, calculated at the end of the month. If he starts with $425 in the account, write an equation that models the amount of money in the account each month for the first year.

in progress 0
Arya 2 weeks 2022-01-10T15:53:04+00:00 1 Answer 0 views 0

Answers ( )

    0
    2022-01-10T15:54:19+00:00

    The equation is y = x + 35.275.

    Step-by-step explanation:

    Step 1; Gizmo starts at $425 and the monthly rate of return is 8.3%. So every month he gets back 8.3% of the $425 he starts with. To calculate how much 8.3% of $425 is we make 8.3% a fraction by dividing it by 100 and multiplying it with the amount.

    8.3% of $425 = \frac{8.3}{100} × $425 = 0.083 × $425 = $35.275.

    So every month $35.275 is added to the balance of the account.

    Step 2; Assume y is the amount of money in the account at the end of the month while x is the amount of money at the end of the previous month’s end. Using x and y we can form the following equation,

    y = x + 35.275.

    For the first month,       y = x + 35.725 = 425 + 35.725 = $460.725.

    For the second month, y = x + 35.725 = 460.725 + 35.725 = $496.45.

    For the third month,     y = x + 35.725 = 496.45 + 35.725 = $532.175.

    For the fourth month,   y = x + 35.725 = 532.175 + 35.725 = $567.90.

    For the fifth month,      y = x + 35.725 = 567.90 + 35.725 = $603.625‬.

    For the sixth month,     y = x + 35.725 = 603.625‬ + 35.725 = $639.35.‬

    For the seventh month, y = x + 35.725 = 639.35‬ + 35.725 = $675.075‬.

    For the eighth month,    y = x + 35.725 = 675.075‬ + 35.725 = $710.80.

    For the ninth month,     y = x + 35.725 = 710.80 + 35.725 = $746.525‬.

    For the tenth month,     y = x + 35.725 = 746.525‬ + 35.725 = $782.25.

    For the eleventh month,y = x + 35.725 = 782.25 + 35.725 = $817.975‬.

    For the twelfth month,    y = x + 35.725 = 817.975‬ + 35.725 = $853.70

    Gizmo then adds $250 to the $853.70 at the beginning of the second year‬.

Leave an answer

45:7+7-4:2-5:5*4+35:2 =? ( )