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Crank
3 years ago
5

A shipping company borrows $70 million at 5% p.a. compound interest to build a new cruise ship. If it repays the debt after 3 ye

ars, how much interest will the company pay?
Mathematics
1 answer:
dem82 [27]3 years ago
5 0

Answer:

about 11.03 million

Step-by-step explanation:

Use the equation I = P(1+r/100)^n - P (I is the compound interest, P is the principle, r is the rate percent, and n is the number of years):

Substitute the values given:

I = 70,000,000(1 + 5/100)^3 - 70,000,000

Use a calculator to solve and you will get ~11.03 million.

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The next fraction in the given sequence is; 7/14

We are given the sequence;

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To get the next fraction in the sequence, we have to find the pattern of the differences.

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Similarly, for 2nd and 3rd term;

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Next fraction = 3/7 + 1/14

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Read more on arithmetic sequence at;

brainly.com/question/1145052

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Step-by-step explanation:

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<u>Step 1:  Write the equation in point-slope form</u>

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