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marysya [2.9K]
2 years ago
9

At what rate of simple interest will $2800 amount to $3500 in 2 years 3 months

Mathematics
1 answer:
777dan777 [17]2 years ago
7 0

Answer:

11.11% (nearest hundredth)

Step-by-step explanation:

<u>Simple interest formula</u>

A = P(1 + rt)

where:

  • A = final amount
  • P = principal
  • r = interest rate (in decimal form)
  • t = time (in years)

Given:

  • A = $3500
  • P = $2800
  • t = 2 years 3 months = 2.25 years

Substitute given values into the formula and solve for r:

⇒ 3500 = 2800(1 + 2.25r)

⇒ 3500 = 2800 + 6300r

⇒ 700 = 6300r

⇒ r = 1/9

Convert the interest rate into a percentage:

⇒ r × 100% = 1/9 × 100% = 11.11% (nearest hundredth)

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<h3><u>Question:</u></h3>

Bill has four times as much money as Ted. If Ted spends $100 and Bill spends $75, Bill will have five times as much money as Ted. How much money do Bill and Ted have before and after spending money?

<h3><u>Answer:</u></h3>

Before spending money, Bill has $1700 and Ted has $425

After spending money, Bill has $ 1625 and Ted has $ 325

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Let the amount of money Bill has be "b"

Let the amount of money Ted has be "t"

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b = 4t  ---------- eqn 1

If Ted spends $100 and Ted spends 75, Bill will have 5 times as much money as ted.

b - 75 = 5 ( t - 100 )  ----- eqn 2

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Substitute eqn 1 in eqn 2

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