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2 years ago

Maria has a balance of $4,500 on her credit card with a 22% interest rate. How long will it take her balance to double?

1 answer:

3 0

The time required from simple interest on a principal of $4,500.00 at an interest rate of 22% per year is 4.55 years (about 4 years 7 months).

<h3>Simple Interest</h3>

Given Data

Principal = $4,500

Interest = 22%

Final Amount = $4,500*2 = $9,000

Equation:

t = (1/r)(A/P - 1)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 22%/100 = 0.22 per year,

then, solving our equation

t = (1/0.22)((9000/4500) - 1) = 4.55

t = 4.55 years

Learn more about Simple Interest Here:

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3 years ago

Royal Decking has five products in its inventory. Information about the December 31, 2021 inventory is below:

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Answer:

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Product Cost Sales Price NRV LCNRV

A $40 $60 $44 ($60 - 12 - 4) $40

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a) Data and Calculations:

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A $40 $60 $44 ($60 - 12 - 4) $40 $40,000

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2 years ago

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Building up strong customer relationships includes following techniques:

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