1. The amount of money in the account after 10 years is 42,317.96 dollars.
2. it will take Pamela and Kevin 7.5 hours to complete the task together
How to find compound interest?
Question(1)
Using compound interest formula,
[tex]A = p(1 + \frac{r}{n} )^{nt}[/tex]
where
- p = principal
- r = rate
- n = number of times
- t = time
Therefore,
p = 30,000
r = 3.5% = 0.035
t = 10
n = 1
Therefore,
[tex]A = 30000(1+\frac{0.035}{1} )^{1X10}[/tex]
A = $42,317.96
Question 2:
Pamela takes 12 hours to complete a task.
Kelvin takes 20 hours to complete same task.
The time it will take both of them can be computed as follows:
using rate principle,
let
x = time it will take both of them to do the work together.
[tex]\frac{1}{x}=\frac{1}{12} + \frac{1}{20}[/tex]
[tex]\frac{1}{x}=\frac{20+12}{240}[/tex]
[tex]\frac{1}{x}=\frac{32}{240}[/tex]
cross multiply
240 = 32x
x = 240 / 32
x = 7.5 hours
Therefore, it will take Pamela and Kevin 7.5 hours to complete the task together
learn more on compound interest and rate here: https://brainly.com/question/18104604
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