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Please state the problem and show steps to the problems.
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John purchased a television and the final price was $512. If the sales tax was 7%, what was the list price of the TV, i.e. what was the price before the sales tax was added?
Try thinking of it this way: Let x be the original price. Then the sales tax must be .07x. If you substitute those expressions and the final price into
(original price) + (sales tax) = (final price)
you’ll have an equation that you can solve for x.
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Suppose you put money in a savings account and every month you get interest on it. Instead of taking the interest out and spending it, you leave the interest in the account each month. This means that, at the end of month two, you’ll get interest not just on the original amount you put in but also on the interest that you left in on month one. At the end of month three, you’ll get interest on the principle, the interest from month one and the interest form month two, etc. Over time, this “compounding” can add up to some serious money. The formula for calculating the amount in your account is
A = P(1 + r / n)nt
where r is the annual interest rate, n is the number of times the interest is compounded every year, t is the number of years you let the investment go, P is the principle and A is the amount in the account after t years. If you invest $1,000 in an account at 5% annual interest compounded every month, i.e. 12 times per year, and let it sit for five years, how much money will be in the account?
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A car rental agency charges $55 per day plus .5 per mile. If a person plans to rent a car for two days and has $250 to spend then how many miles can they afford to drive? Set up an algebraic inequality that describes this situation and solve it to get the answer. (Think of this as, the total cost is at most $250.)
