How many 1/4 are in 7/8
1 answer:
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Answer:
The percent of interest is 12.3% per year
Step-by-step explanation:
According to the question Elwood invested 5000 $ in market account
The market account gives the compound interest annually
let p be the interest per year then
At the end of 1st year
amount =(1+0.p) x 5000 = 1.p x 5000
similarly at the end of 2nd year
amount =(1+0.p) x(1+0.p)x 5000 = x 5000
similarly at the end of 3rd year
amount = 7100 $ = x 5000
⇒ =
1.392 =
on further solving we get
1.p = = 1.123
thus 1.p = 1 + 0.p = 1.123
thus p = 0.123
thus the percent of interest is 12.3% per year