Answer:
The answer would be 16 I think. <em>16</em>
Answer:
54.72 months
Step-by-step explanation:
Given:
Future value = R35,000
Annuity = R500
Interest = 11.32% per year
Interest per month, r =
= 0.943% = 0.00943
Let 'n' be the total time in months taken
Now,
Future value of annuity is calculated using the formula as:
![\textup{Future value}=\textup{Annuity}\times[\frac{(1+r)^n-1}{r}]](https://tex.z-dn.net/?f=%5Ctextup%7BFuture%20value%7D%3D%5Ctextup%7BAnnuity%7D%5Ctimes%5B%5Cfrac%7B%281%2Br%29%5En-1%7D%7Br%7D%5D)
on substituting the respective values, we get
![35000=500\times[\frac{(1+0.00943)^n-1}{0.00943}]](https://tex.z-dn.net/?f=35000%3D500%5Ctimes%5B%5Cfrac%7B%281%2B0.00943%29%5En-1%7D%7B0.00943%7D%5D)
or
![70=[\frac{(1.00943)^n-1}{0.00943}]](https://tex.z-dn.net/?f=70%3D%5B%5Cfrac%7B%281.00943%29%5En-1%7D%7B0.00943%7D%5D)
or
1.6601 = 1.00943ⁿ
taking log both sides, we get
log(1.6601) = n × log(1.00943)
or
0.22= n × 0.00402
or
n = 54.72 months
Answer:Part A:8 Part B:$1
Step-by-step explanation:
Answer:
15% discount
Step-by-step explanation:
1 - (102/120)
1 - 0.85 = 0.15 = 15%