Question

Mhanifa please c:

1) A principle of $300 was deposited in a savings account that pays 3.5 interest compounded yearly. Find the balance after 5 years.

2) UPS charges $7 for the first pound, and $0.20 for each additional pound. FedEx charges $5 for the first pound, and $0.30 for each additional pound. How many pounds, p, will it take for UPS and FedEx to cost the same?

Answer 1

Explanation:

300×1.035⁵ ≅ $356.31

:::::

UPS charge = 7 + (p-1)0.20 = 0.20p +6.80

FedEx charge = 5 + (p-1)0.30 = 0.30p + 4.70

0.30p + 4.70 = 0.20p +6.80

0.10p = 2.1

p = 21

They charge the same for 21 pounds.