Jeweler self buys a ring from an artist on for $85 he sells the ring in his store at 135% increase in price, what is the retail
1 answer:
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Answer:
6.5
Step-by-step explanation:
Im not 100% sure because I may have overcomplicated this but im going to submit this anyway.
Answer:
<h2>$1,083</h2>Step-by-step explanation:
The compound interest formula is expressed as
A is the total amount after n years
P is the amount deposited (principal)
r is the rate (in %)
t is the time (in years)
n is the time of compounding
Given P = $5000, r = 4% = 0.04, t = 5 years, n = 1 year (per annum compound interest)
On substituting into the formula we have;
Interest earned = Amount - Principal
Interest earned = $6,083.26 - $5,000
Interest earned = $1,083.26 ≈ $1,083
Hence, the total interest earned in 5 years is $1,083 to the nearest dollars.