Arthur baked 1 7/12 dozen muffins. Nina baked 1 1/12 dozen muffins. How many dozen muffins did they bake in all?
1 answer:
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Answer:
Sarah has to invest $502,958.58 today.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
After t years, the total amount of money is:
In this question:
She has to invest P today.
So
Sarah has to invest $502,958.58 today.
By Evaluating the Compound Interest, we come to know that Rajesh will have enough money in the account to cover all of the required loan payments.
The Principal Amount(P) = $30,000
Rate of Interest (r) = 2.16 %
Time(t) = 10 years
Number of Times it is Compounded in a year(n) = 12
Now, we have
Putting all the values, we evaluate the amount,
Hence, the Amount after Compound Interest = $37,225.87
Now, The loan amount that he pays = 300 *12*10 = $ 36,000
Yes, he will have enough money in the account to cover all of the required loan payments.
To read more about Compound Interest, visit brainly.com/question/29335425
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