Answer:
Interest = $11.414
Proceed = $278.586
Step-by-step explanation:
Given : Sam Sounds received a $290 discount loan to purchase a stereo. The loan was offered at 16% for 90 days.
To find : The interest in dollars and the proceeds for the following problem.
Solution :
The amount of loan A = $290
The discount rate = 16%=0.16
Time = 90 days
Convert into year,
1 year = 365 days
1 day = year
90 days = year
The formula of interest is
Interest = Amount × Discount rate × Time
Interest = 290 × 0.16 × 0.246
Interest = $11.414
Proceed = Amount - Interest
Proceed = $290 - $11.414
Proceed = $278.586
When we divide the interval from 1 to 5 into 4 subintervals, each has a width of 1. Simpson's rule has us evaluate the integral as
... integral = (1/3)(f(1) +4f(2) +2f(3) +4f(4) +f(5)) = (1/3)(10 +4·25 +2·46 +4·73 +106)
... integral = (1/3)(600) = 200 . . . . . by Simpson's rule
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The integral evaluates to
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Simpson's rule uses a quadratic interpolation, so evaluates quadratics exactly.