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TiliK225 [7]
2 years ago
8

How many days will it take for $1500 to earn $16 interest if it is deposited in a bank paying simple interest at the rate of 4%/

year? (Use a 365-day year. Round your answer up to the nearest full day.)
Business
1 answer:
JulsSmile [24]2 years ago
8 0

Answer:

97 days

Explanation:

In simple interest method, the interest is calculated by the following formula

I= P x R x T

I= interest

P = principal amount

R =interest rate

T= Time

In this case

I=$16

P=$1500$

R= 4% or 0.04%

T= time

$16= $1500 x 0.04 x Time

$16 =60 x Time

Time = 16/60

time = 0.2666 year.

time in days =  0.26666 x 365 days

=97.333 days

=97 days

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Answer:

See explanation Section

Explanation:

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Note: As the perpetual inventory shows the running inventory of cost of goods available for sale. Therefore, every purchase of merchandise will directly debit the merchandise inventory and not the purchase account. Since the company paid immediately, cash decreased.

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3 years ago
Historical Art is a new business. During its first year of operations, credit sales were $50,000 and collections from credit sal
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A

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