At what rate per cent per annum will $400 yield an interest of $78 in 1 1/2 years?
1 answer:
You might be interested in
The segment marked 20 is the geometric mean of the two pieces into which it splits the hypotenuse. You get the proportion
Solving,
To find b, use the fact that b is the geometric mean of the whole hypotenuse, 21 + a, and the part that is attached to it, a.
A little arithmetic shows that
.
Solving,
To find b, use the fact that b is the geometric mean of the whole hypotenuse, 21 + a, and the part that is attached to it, a.
A little arithmetic shows that
Answer:
The bank loan out at $5000 at 9%
Step-by-step explanation:
A bank loaned out $20,000
Let x be the amount loaned at at the rate of 9% per year
So, 20000-x amount loaned at at the rate of 17% per year
Formula :
Amount at 9% interest in 1 year
A=1.09x
Interest = Amount - Principal = 1.09x-x=0.09x
Amount at 17% interest in 1 year
A=1.17(20000-x)
Interest = Amount - Principal = 1.17(20000-x)-(20000-x)
We are given that the interest received in one year totaled $3000
So,1.17(20000-x)-(20000-x)+0.09x=3000
x=5000
So, the bank loan out at $5000 at 9%