What is the annual interest rate on an account in which earn, Mathematics

Assignment Help:

What is the annual interest rate on an account in which earns $948 in simple interest over 36 months along with an initial deposit of $7,900?

Using the easy interest formula Interest = principal × rate × time, or I = prt, substitute p = $1,250, r = 0.034 (the interest rate as a decimal), and t = 1.5 (18 months is equal to 1.5 years); I = (1,250)(.034)(1.5). Multiply to obtain a result of I = $63.75. To ?nd the total amount in the account after 18 months, add the interest rate to the initial principal. $63.75 + $1,250 = $1313.75.


Related Discussions:- What is the annual interest rate on an account in which earn

Positive real exponents, Simplify following and write the answers with only...

Simplify following and write the answers with only positive exponents.  (a) ( x 8.2 y -0.26 z 2 ) 0.5  (b)  (x 3 y -4.1   / x -2.7 ) -3 Solution  (a) (x 8.2

Derivatives, Derivatives The rate of change in the value of a...

Derivatives The rate of change in the value of a function is useful to study the behavior of a function. This change in y for a unit change in x is

Correlation and regression, Correlation and Regression CORRELATION is ...

Correlation and Regression CORRELATION is an important statistical concept which refers to association or interrelationship among variables. The reasons of studying correla

What is plotting points, What is Plotting Points ? How would you go abo...

What is Plotting Points ? How would you go about drawing the graph of y = x2 ? One way to do it is by plotting points. (Your graphing calculator uses this method.) This is

#t, show that a*0=a

show that a*0=a

What is the greatest common factor of 24 and 64, What is the greatest commo...

What is the greatest common factor of 24 and 64? List the factors of 24 and 64. The largest factor that they have in common is the greatest common factor. Factors of 24: 1,

Mashed patatos, I have 6 cups of patatos that I have to share with 13 frien...

I have 6 cups of patatos that I have to share with 13 friends write that as the nearest hundredth

Example of log rules, Example of Log Rules: Y = ½ gt 2 where g = 32 ...

Example of Log Rules: Y = ½ gt 2 where g = 32 Solution: y = 16 t 2 Find y for t = 10 using logs. log y = log 10     (16 t 2 ) log 10 y = log 10 16 + log 10

Dilemmas of america''s minority groups, Explain this statement " As we begi...

Explain this statement " As we begin the 21st century, the dilemmas of America's minority groups remain perhaps the primary unresolved domestic issue facing the nation." How might

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd