Answer:
3000* (1+ 0.06) (that little 1 at the corner there <)
= $3,180
3,180 - 3000 = $180 first year
180/12 =$15 per month
The formula is
Principal (money borrowed/3000$) times/*/x (1+ rate (0.06) ) to the power of 1
Please correct me if i got it wrong i’m studying this in class too.
Explanation:
"<span>Yes, legal currency is backed by government acceptance" is the one among the following choices given in the question that gives the required answer. The correct option among all the options that are given in the question is the second option. I hope that the answer has come to your desired help.</span>
Answer:
0.05712790 or 5.71%
Explanation:
Annual rate of return = [(1+ r1)^n1 x (1 + r2)^n2]^[1/(n1 + n2)] - 1
n1 is the time period in which annual interest rate =2.8%
n2 is the time period in which annual interest rate =7.2%
So, n1 = 7 years and n2 = 14 years
= [(1+2.8%)^7 x (1+7.2%)^14]^[1/(7 + 14)] - 1
= (1.21325420 x 2.64683577) ^ 1 / 21 - 1
= 1.05712790 - 1
= 0.05712790 or 5.71%
