If nelson invests $5000 for 4 years and earns $600, what is the simple interest rate?
1 answer:
Answer: Simple interest rate = 3%.
Step-by-step explanation: We are given invested amount = $5000.
Number of years of investment = 4 years.
Interest earned = $600.
Simple interest formula.
I = P R T.
Where I is the earned interest, P is the invested amount , R is the rate of interest and T is the time in years.
Plugging values in formula, we get
600 = 5000 × R × 4
600 = 20000R.
Dividing both sides by 20000, we get
0.03 = R.
Multiplying by 100 to convert it in percentage, we get
0.03 × 100 = R
R = 3 %.
You might be interested in
Answer:
33.33% probability that it takes Isabella more than 11 minutes to wait for the bus
Step-by-step explanation:
An uniform probability is a case of probability in which each outcome is equally as likely.
For this situation, we have a lower limit of the distribution that we call a and an upper limit that we call b.
The probability that we find a value X lower than x is given by the following formula.
For this problem, we have that:
Uniformly distributed between 3 minutes and 15 minutes:
So
What is the probability that it takes Isabella more than 11 minutes to wait for the bus?
Either she has to wait 11 or less minutes for the bus, or she has to wait more than 11 minutes. The sum of these probabilities is 1. So
We want P(X > 11). So
33.33% probability that it takes Isabella more than 11 minutes to wait for the bus