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barxatty [35]
2 years ago
6

Raylan opened a savings account with $100. After 5 years there is $122. 50 in the account. What is his simple interest rate?

Mathematics
1 answer:
serious [3.7K]2 years ago
5 0
<h3>Answer:</h3>

4.5% annually

<h3>Step-by-step explanation:</h3>

Simple interest is the amount of interest added to a singular sum of money at a fixed rate.

Formula

The formula for simple interest is A = P(1+rt). In this formula, A is the total amount of money in the account, P is the original amount deposited, r is the rate of interest as a decimal, and t is the time in years.

Calculations

To find the rate, plug the information we know into the formula above

  • 122.50 = 100(1+r*5)

Divide both sides by 100

  • 1.225 = 1 + r*5

Subtract 1 from both sides

  • 0.225 = r*5

Divide both sides by 5

  • 0.045 = r

This gives us the rate as a decimal. So, to find the rate as a percent. Do this by moving the decimal 2 places to the right (or just multiply by 100, they do the same thing). This means that the rate of simple interest is 4.5%.

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Answer:

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Step-by-step explanation:

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The common difference here is -30. d = -30

The explicit formula is a n = a1 + (n-1)d

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Answer:

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We can set an equation as distance traveled is directly proportional to number of gallons used in travelling that distance.

Now we will find out K(number of miles traveled in one gallon of gas) by substituting our given values in this equation.

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The Chens bought their house for $240 000 twenty years ago. They just sold the house
serg [7]

The percent is the new value of the house of the price they paid 20 years ago is 216.67%.

<h3>Percentage</h3>

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  • New price = $520 000

percent is the new value of the house = New price / Old price

= 520,000 / 240,000 × 100

= 2.16666666666666

= 216.666666666666%

Approximately,

percent is the new value of the house = 216.67%

Therefore, the percent is the new value of the house of the price they paid 20 years ago is 216.67%.

Learn more about percentage:

brainly.com/question/843074

#SPJ1

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