Answer: To find the finance charge you multiply the balance times 0.23 / 12 .
To find the interest charge to an account, you have to multiply the balance by the percent rate (APR).
The problem in this case is that interest is charged monthly, but the rate is yearly.
To fix this problem, just divide the rate by 12.
0.23 / 12
Answer:
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Explanation:
Simulate (build a table) the growing of the number of pennies for some nights to figure out the pattern:
First night: 1 penny = 2⁰
Second night: 1 × 2 pennies = 2¹
Third night: 2 × 2 = 2²
Fourth nigth: 2² × 2 = 2³
nth night: 2ⁿ⁻¹
You want 2ⁿ⁻¹ ≥ 2,000,000,000
Which you solve in this way:
- n-1 log (2) ≥ log (2,000,000,000)
- n - 1 ≥ log (2,000,000,000) / log (2)
Since n is number of days, it is an integer number, so n ≥ 32.
Hence, she will have a total of more than $ 2 billion after 32 days.
You can prove that by calculating 2³² = 2,147,483,648.
The estimate of the mean is reasonable beauase the median of the data is 26 lbs.