Harry invests £6000 in a savings account. The account pays 3.4% compound interest per year. Work out the value of his investment after three years. Give your answer to the nearest penny. Concept used The concept used in this question is compound interest, which is the interest earned on an investment that is reinvested rather…
Step 1: Calculating the Booking Fee The booking fee is calculated as a percentage of the ticket’s cost. In this case, the booking fee is 3% of £63. To find the booking fee, you multiply the ticket cost by the booking fee rate: Booking Fee = Ticket Cost * Booking Fee Rate Booking Fee =…
To determine the waitress’s hourly wage, we first need to determine how much she earned from wages (excluding tips) and then divide that by the number of hours she worked. Step 1: Determine the Wages Earned (Excluding Tips) Wages (excluding tips) = Total earned – Tips Wages=$73−$46Wages=$73−$46 Step 2: Calculate the Hourly Wage Hourly wage…
According to the given question, we have to share £360 in the ratio of 3:2:1. When dividing an amount of money (in this case, £360) into a given ratio (3:2:1), the objective is to distribute the money proportionally according to the ratio provided. Here’s a step-by-step explanation of the process: Step 1 Determine the total number of…
To find the area of a triangle, we use the formula: Area=12×base×heightArea=21×base×height Concept Used: Area of a Triangle The area of a triangle is half the product of its base and height. Detailed Explanation: 1. Identify the Given Information From the problem, we know: 2. Apply the Formula to Find the Area Using the formula…
Understand the Definition of DensityDensity measures how much mass is contained in a given volume. It’s often used to determine the compactness or concentration of matter in an object. The formula for density is: Density=MassVolumeDensity=VolumeMass Where: 2. Identify the Given ValuesFrom the problem statement, we have: 3. Substitute the Given Values into the FormulaUsing the…