Ryan has an eight–year loan for $6,000. He is being charged an interest rate of 5 percent, compounded annually. Calculate the to
2 answers:
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The winner got $70,000 and the runner up got $14,000
Let the winner be represented by x and runner up by y
Data given;
- Amount to be shared = $84000
- x = 5y
This is a simple case of ratio i.e 1 : 5
<h3>Equation</h3>The runner up received $14000. let's use this data to find how much the winner got.
From the calculations above, the winner got $70,000 and the runner up got $14,000.
Learn more about ratios here;