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Crank
4 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]4 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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Answer:

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Step-by-step explanation:

One member of the gardening club can alone plant flowers in 12 hours.

So in 1 hour he can plant 1/12 of the flowers.

Let the time required by the second member of the club to plant flowers alone be x hours.

Then in 1 hour he can plant 1/x of the flowers.

Now when the two members work together,each hour they can plant:

\[\frac{1}{12}+\frac{1}{x}\] of the flowers.

But they can together complete the job in 8 hours. So in one hour they plant 1/8 of the flowers.

=> \[\frac{1}{12}+\frac{1}{x}=\frac{1}{8}\]

=> \[\frac{1}{x}=\frac{1}{24}\]


=> x=24

So the second member can plant the flowers alone in 24 hours

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