Answer:
the answer is contained in the attachment
Step-by-step explanation:
for complete explanation kindly check the attachment.
The independent variable would be the Candles she sells for $10
Given the formula for future value annuity:
FV of annuity=P[(1+r)^n-1]/r
where:
P=principle
r=rate
n=time
the time taken to repay the loan will be:
1500=90[(1+0.06)^n-1]/0.06
90=90[(1+0.06)^n-1]
1=(1+0.06)^n-1
1+1=(1+0.06)^n
2=1.06^n
introduce natural log
ln2=nln1.06
n=ln2/ln1.06
n=11.8957=12 years
the answer is 12 years.
Answer:
5%
Step-by-step explanation:
Solving our equation
r = 4537.5 / ( 9075 × 10 ) = 0.05
r = 0.05
converting r decimal to a percentage
R = 0.05 * 100 = 5%/year
The interest rate required to
accumulate simple interest of $ 4,537.50
from a principal of $ 9,075.00
over 10 years is 5% per year.
