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FromTheMoon [43]
3 years ago
9

You pawn a guitar and receive $880. One month later, you get the guitar back by paying $1250. If this is simple interest, then w

hat annual interest rate did you pay?
Mathematics
1 answer:
Lemur [1.5K]3 years ago
6 0
Interest=1250-880=370
I=PRT
P=principal
r=rate in deicmal
t=time in years

1 month so t=1/12
P=880
I=370

370=880*r*1/12
370=220/3r
times both sides by 3
1110=220r
divdie both sides by 220
5.04545=r
505% interest
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How long will it take a $800 investment to be worth $900 if it is continuously compounded at 11% per year?
Kruka [31]
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3 0
3 years ago
1377/8 in simplest form<br><br> Thank you!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
nlexa [21]
To convert a fraction to simplest form we need to find the greatest common factor. 

The fraction can not be simplified because it is already in simplest form but we can change it to a mixed fraction. 

         Steps to solve 

<span>1) Set up the long division.
</span>
<span>2) Calculate 13 ÷ 8, which is 1 with a remainder of 5.
</span>
3) Bring down 7, so that 57 is large enough to be divided by 8.

4) Calculate 57 ÷ 8, which is 7 with a remainder of 1.

<span>5) Bring down 7, so that 17 is large enough to be divided by 8.
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<span>6) Calculate 17 ÷ 8, which is 2 with a remainder of 1.
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<span>Express as a mixed fraction = </span>172 \dfrac{1}{8}


5 0
3 years ago
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