If this is an IXL there should be a calculator for the lesson. This will help with your answer, if it doesn’t I’m sorry I couldn’t help.
Step-by-step explanation:
There isn't any equation given, so there isn't anything to do here
Hi there
The formula is
I=prt
I interest earned?
P principle 7000
R interest rate 0.085
T time 120/360
I=7,000×0.085×(120÷360)
I=198.33
Hope it helps
Answer:
- 5.9%
Step-by-step explanation:
Data provided in the question :
Future value of the amount invested = $4,600
Principle i.e amount of purchase = $7,500
Time, n = 8 years
Now,
let the interest rate be 'i'
using compounding
$4,600 = $7,500 × (1 + i)⁸
or
0.613 = (1 + i)⁸
or
1 + i = 0.941
or
i = -0.059
or
interest rate = - 5.9%
Here negative sign means loss