7.6.3 Inverse Proportion Indirect Proportion
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Herman is opening a savings account, and wants to earn $50 in interest in his first year. He notes that, to do this, his initial deposit must vary inversely with the annual percentage yield (APY) on the account. If he needs to make an initial deposit of $1000 with an APY of 5% to achieve his goal, what should his initial deposit be with an APY of 8%?
Sorry, that's not correct. You said D: $1250 The correct answer is C: $625 Correct answer explanation:
Sorry, that's not correct. You said D: $1250 The correct answer is C: $625 Correct answer explanation:
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