The Compound Interest of 10400 at 12.7% for 4 years is 6378.
The principal amount is given as 10400.
The rate of interest is given as 12.7%.
The time period to be calculated is given as 4 years.
The compound interest for the given above is to be calculated.
<h3>What is
compound interest?</h3>
Compound interest is the interest that we earn both on the principal amount and the interest we earn.
The formula used to calculate compound interest is:
![P [ (1 + \frac{R}{100} )^n - 1 ]](https://tex.z-dn.net/?f=P%20%5B%20%281%20%2B%20%5Cfrac%7BR%7D%7B100%7D%20%29%5En%20-%201%20%5D)
Where P = principal amount, R = rate of interest, and n = number of years.
We have,
P = 10400
R = 12.7%
n = 4 years
Compound interest:
![P [ (1 + \frac{R}{100} )^n - 1 ]\\\\10400 [ (1 + \frac{12.7}{100} )^4 - 1 ]](https://tex.z-dn.net/?f=P%20%5B%20%281%20%2B%20%5Cfrac%7BR%7D%7B100%7D%20%29%5En%20-%201%20%5D%5C%5C%5C%5C10400%20%5B%20%281%20%2B%20%5Cfrac%7B12.7%7D%7B100%7D%20%29%5E4%20-%201%20%5D)
Now,
10400 [ ( 1 + 0.12.7 )^2 - 1 ]
10400 [ 1.127^4 - 1 ]
10400 [ 1.61322 - 1 ]
10400 x 0.6132
6377.56
Rounding to the nearest whole number.
We have,
Compound Interest = 6378.
Thus the Compound Interest of 10400 at 12.7% for 4 years is 6378.
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Answer: 2 years
Step-by-step explanation:
If Interest= Principal x rate x time/100; then time is (100 × Interest)/(Principal × Rate)
From the question, old Principal is 5600, new principal =6720, the difference is the interest accrued.
Interest = 6720 - 5600 = Rs 1120
Rate = 8% = 8 ÷ 100 = 0.08
Time = x
Then, slot the values into the formula
Time= 100 x 1120 / 6720 x 8
= 112000/53760
=2.08
Time= 2years
I hope this helps
The average rate of change of credit card is $ 401.79 /year.
<h3>
What is Average Rate?</h3>
- A single rate that is a weighted average of the different rates that are applicable to property in various locations.
- An average is a single number calculated as the average of a set of numbers, typically calculated as the sum of the numbers divided by the total number of numbers in the set (the arithmetic mean).
<u>Solution</u>
The difference of credit card debt between the year 2006 and 1992 = 8900 - 3275 = $5625
The difference of years between the year 2006 and 1992 = 2006 - 1992 = 14
average rate of change of credit card debt with respect to time = 
average rate = 
= $ 401.79 / year
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Answer:
a
Step-by-step explanation:
