What is 350% as fraction
2 answers:
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Step 1: Cancel 4/6 and change to 2/3.
Step 2: Adjust Fractions based on the LCM.
The LCM of 3 , 9 : 9
Step 3: Subtract the numbers : - 6 -7 = -13
To answer this question we will use the following formula for compounded monthly interest:
where A₀ is the initial amount, r is the annual interest as a decimal number and 12 is the number of years.
Notice that:
Therefore, substituting t=42, r=0.02, and A₀=120000 we get:
Simplifying the above result we get:
Answer: $277,769.75.