2018 copper penny struck at the Philadelphia mint in 1794 was sold for 345000 rate of return
1 answer:
Answer:
The rate of return is 8%.
Step-by-step explanation:
The time span from 1794 to 2018 is (2018 - 1794) = 224 years.
Now, a penny i.e. 0.01 pounds of money as a principal gets the final sum of 345000 pounds after 224 years.
Here we have to calculate the rate of return if the interest is compounded yearly.
Using the formula of compound interest of r% APR, we get
⇒ 1 + 0.01r = 1.08
⇒ 0.01r = 0.08
⇒ r = 8% (Answer)
You might be interested in
FIRST PART
We need to find sin α, cos α, and cos β, tan β
α and β is located on third quadrant, sin α, cos α, and sin β, cos β are negative
Determine ratio of ∠α
Use the help of right triangle figure to find the ratio
tan α = 5/12
side in front of the angle/ side adjacent to the angle = 5/12
Draw the figure, see image attached
Using pythagorean theorem, we find the length of the hypotenuse is 13
sin α = side in front of the angle / hypotenuse
sin α = -12/13
cos α = side adjacent to the angle / hypotenuse
cos α = -5/13
Determine ratio of ∠β
sin β = -1/2
sin β = sin 210° (third quadrant)
β = 210°
SECOND PART
Solve the questions
Find sin (α + β)
sin (α + β) = sin α cos β + cos α sin β
Find cos (α - β)
cos (α - β) = cos α cos β + sin α sin β
Find tan (α - β)
Simplify the denominator
Simplify the numerator
Simplify the fraction
We need to find sin α, cos α, and cos β, tan β
α and β is located on third quadrant, sin α, cos α, and sin β, cos β are negative
Determine ratio of ∠α
Use the help of right triangle figure to find the ratio
tan α = 5/12
side in front of the angle/ side adjacent to the angle = 5/12
Draw the figure, see image attached
Using pythagorean theorem, we find the length of the hypotenuse is 13
sin α = side in front of the angle / hypotenuse
sin α = -12/13
cos α = side adjacent to the angle / hypotenuse
cos α = -5/13
Determine ratio of ∠β
sin β = -1/2
sin β = sin 210° (third quadrant)
β = 210°
SECOND PART
Solve the questions
Find sin (α + β)
sin (α + β) = sin α cos β + cos α sin β
Find cos (α - β)
cos (α - β) = cos α cos β + sin α sin β
Find tan (α - β)
Simplify the denominator
Simplify the numerator
Simplify the fraction