Screen Shot 2019-09-02 at 7.52.33 PM.png - EXAMPLE 6 Solving a Joint Variation Problem The interest on a loan or an investment is given by the formula I

# Screen Shot 2019-09-02 at 7.52.33 PM.png - EXAMPLE 6...

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Unformatted text preview: EXAMPLE 6 Solving a Joint Variation Problem The interest on a loan or an investment is given by the formula I = prt. Here, for a given principal p, the interest earned, I, varies jointly as the interest rate r and the time / the principal is left earning interest. If an investment earns \$100 interest at 5% for 2 yr, how much interest will the same principal earn at 4.5% for 3 yr? We use the formula I = prt, where p is the constant of variation because it is the same for both investments. I = prt Here, p is the constant of variation. Solve for p. 100 = p(0.05) (2) Let / = 100, r = 0.05, and t = 2. 100 = 0.1p Multiply. p = 1000 Divide by 0.1. Rewrite. Now we find / when p = 1000, r = 0.045, and t = 3. 1 = 1000(0.045) (3) = 135 Let p = 1000, r = 0.045, and t = 3. The interest will be \$135. NOW TRY...
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• Spring '19
• 5%, \$100, 4.5%, \$135

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