Find 2.5% annual simple interest on $500.
1 answer:
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Answer:
0.8%.
Step-by-step explanation:
Given:
At the start of the month, the value of an investment was $73.42.
By the end of the month, the value of the investment changed by a loss of $13.53.
Question asked:
What was the value, in dollars, of the investment at the end of the month?
What was the percent loss?
Solution:
At the start of the month, the value of an investment = $73.42.
Loss = $13.53.
<u><em>The value, of the investment at the end of the month = The value of an investment at the start of the month - loss</em></u>
The value, of the investment at the end of the month = $73.42 - $13.53
= $59.89
Thus, the value, of the investment at the end of the month is $59.89.
Now, we will find percent loss:-
Thus, percent loss on investment by the end of the month is 0.8%.