What is the effective rate of interest if $1,000 compounds to $1,331 in 3 years?
1 answer:
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Answer:
400 square meters
Step-by-step explanation:
We can first solve this problem with each unit representing 1 centimeter, and then scale up at the very end. The shape that we have a parallelogram. The base is 8 cm, and the height is 2 cm. The formula for the area of a parallelogram is just , so the area of the parallelogram is 16 square centimeters. However, now we scale up. Since each centimeter correlates to 5 meters, each little box will correlate to 25 square meters. Therefore,
square meters is our answer