Let the regular price be X
x\98.60 x 100=29%
100x\98.60=29(multiply both sides by 98.60 to remove the denominator
100x=2859.4(divide both sides by 100
x=28.594
regular price=$28.594

4 0

3 years ago

7500 dollars is placed in an account with an annual interest rate of 7.75%. To the nearest year, how long will it take for the a

MakcuM [25]

Answer:

It will take 55 years for the account value to reach 38200 dollars

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

$E = P*I*t$

In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

After t years, the total amount of money is:

$T = E + P$ .

In this problem, we ahve that:

$T = 38200, P = 7500, I = 0.075$

First we find how much we have to earn in interest.

$38200 = E + 7500$ .

$E = 38200 - 7500$

$E = 30700$

How much time to earn this interest?

$E = P*I*t$

$30700 = 7500*0.075*t$

$t = \frac{30700}{7500*0.075}$

$t = 54.6$

Rounding up

It will take 55 years for the account value to reach 38200 dollars

5 0

3 years ago

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