Found this on socratic !!! hope this helps !!!!
Answer:
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Step-by-step explanation:
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Answer:
$698
Step-by-step explanation:
Given that :
Principal = $5600
Rate = 4.75%
Time = 3 years
Simple interest = principal * rate * time
Simple interest = $5600 * 0.0475 * 3
simple interest = $798
Answer:
P earned $ 718.85.
Step-by-step explanation:
Given that P borrowed $ 16000 from a person at 12% per annum simple interest and lent the whole amount to Q at the same rate of annually compound interest, to determine how much did he gain after 3 years the following calculation must be performed:
16,000 x 0.12 x 3 = X
1,920 x 3 = X
5,760 = X
16,000 x (1 + 0.12 / 1) ^ 3 = X
16,000 x 1.12 ^ 3 = X
16,000 x 1.404928 = X
22,478.85 = X
22,478.85 - 16,000 = 6,478.85
6,478.85 - 5,760 = X
718.85 = X
Therefore, P earned $ 718.85.