Chelsea has a savings account that pays 6% annual interest, compounded monthly, and she has made no deposits or withdrawals since opening the account. she receives monthly statements via e-mail, and the statement she just received reported a balance of $800.00. assuming that she has had the account open for over two months, what was the balance on the previous statement to the nearest cent?

$782.02

Step-by-step explanation: Balance, P = $800; Rate, R = 6%; Time, T= 1/12

∴ Interest, I = P*R*T/100

I = 800 X 6 x 1/12/100 = $4

Second  month = $(800 - 4) = $796

I = 796 X 6 X 1/12/100 = $3.98

First month = $(796 - 3.98) = $782.02    

none.

step-by-step explanation:

m

1

=

5

m1=5

b

=

−

1

b=-1

find the slope and y-intercept of the second equation.

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m

2

=

0

m2=0

b

=

−

6

b=-6

compare the slopes

m

m of the two equations.

m

1

=

5

,

m

2

=

0

m1=5,m2=0

compare the two slopes in the decimal form. if the slopes are equal, then the lines are parallel. if the slopes are not equal, then the lines are not parallel.

m

1

=

5

,

m

2

=

0

m1=5,m2=0