I need help with this please and an explanation so i can understand ASAP!!!!
1 answer:
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Answer: $40
Step-by-step explanation:
The key formula to use for this problem is the simple interest formula, which is ; where I is the interest earned, p is the principal (initial) amount, r is the interest rate, and t is the amount of time that passes.
Since we know that both investments have the same interest rate, we can use the information from the first part of the problem to solve for the interest rate. Using algebra, we can rearrange the simple interest formula to solve for the interest rate: . We know that our interest earned is $24 and our principal amount is $300. To make things easier, we'll also convert months to years, which is easy to do since we know that 12 months = 1 year. This gives us our value for the amount of time that passes. Now, all we have to do is plug in our values into the rearranged equation above.
We should now have:
Now, to find the interest earned from the $500 investment, we just need to plug in our values from the second part of the problem, along with our calculated interest rate of 0.08, into the original formula of
This should result in
Therefore, James will receive $40 on his $500 investment after 12 months.
Answer:
Step-by-step explanation:
Salvage value=$1000
Purchased value=$11,000
In order to find the balance in accumulated depreciation at december 31,2015 using the units of activity we will use the following formula:
In the above equation $10000 came from Purchased value - salvage Value