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2 years ago

15

Find the annual interest rate paid on this loan: interest=$75 principal=$5,000 time=3 months

1 answer:

MariettaO [177]2 years ago

3 0

(x/100 *5000) /12 *3 = 75

50x/12 *3 = 75

150x/12 = 75

150x =900

x= 6 %

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♥ Solve:
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Step-by-step explanation:

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3 years ago

If 47400 dollars is invested at an interest rate of 7 percent per year, find the value of the investment at the end of 5 years f

Anni [7]

Answer:

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Part B) Semiannual $\$66,862.38$

Part C) Monthly $\$67,195.44$

Part D) Daily $\$67,261.54$

Step-by-step explanation:

we know that

The compound interest formula is equal to

$A=P(1+\frac{r}{n})^{nt}$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

so

Part A) Annual

in this problem we have

$t=5\ years\\ P=\$47,400\\ r=0.07\\n=1$

substitute in the formula above

$A=\$47,400(1+\frac{0.07}{1})^{1*5}$

$A=\$47,400(1.07)^{5}$

$A=\$66,480.95$

Part B) Semiannual

in this problem we have

$t=5\ years\\ P=\$47,400\\ r=0.07\\n=2$

substitute in the formula above

$A=\$47,400(1+\frac{0.07}{2})^{2*5}$

$A=\$47,400(1.035)^{10}$

$A=\$66,862.38$

Part C) Monthly

in this problem we have

$t=5\ years\\ P=\$47,400\\ r=0.07\\n=12$

substitute in the formula above

$A=\$47,400(1+\frac{0.07}{12})^{12*5}$

$A=\$47,400(1.0058)^{60}$

$A=\$67,195.44$

Part D) Daily

in this problem we have

$t=5\ years\\ P=\$47,400\\ r=0.07\\n=365$

substitute in the formula above

$A=\$47,400(1+\frac{0.07}{365})^{365*5}$

$A=\$47,400(1.0002)^{1,825}$

$A=\$67,261.54$

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Answer:

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Step-by-step explanation:

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