3 years ago

Please help I don't understand

Mathematics

1 answer:

Yuri [45]3 years ago

6 0

If they are similar they are by a ration of 1:2 but you dont know all the angles or all the sides.

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Suppose yoko borrows $3500 at an interest rate of 4% compounded each year Find the amount owed at the end of 1 year

olchik [2.2K]

Amount owed at the end of 1 year is 3640

<h3><u>Solution:</u></h3>

Given that yoko borrows $3500.

Rate of interest charged is 4% compounded each year

Need to determine amount owed at the end of 1 year.

In our case :

Borrowed Amount that is principal P = $3500

Rate of interest r = 4%

Duration = 1 year and as it is compounded yearly, number of times interest calculated in 1 year n = 1

<em><u>Formula for Amount of compounded yearly is as follows:</u></em>

$A=p\left(1+\frac{r}{100}\right)^{n}$

Where "p" is the principal

"r" is the rate of interest

"n" is the number of years

Substituting the values in above formula we get

$\mathrm{A}=3500\left(1+\frac{4}{100}\right)^{1}$

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Hence amount owed at the end of 1 year is 3640

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