The interest rate is 6.992%, if a bank advertises that it compounds money quarterly and that it will take Double your money in 10 years.
Step-by-step explanation:
The given is,
Compounds money quarterly
Double your money in 10 years
Step:1
Formula to calculate future investment with compounded quarterly,
...............................(1)
Where, A - Future amount
P - Initial investment\
r - Rate of interest
n - No. of compounding in a year
t - No. of years
Step:2
Let, P = X
A = 2X ( Double your money )
From given, n - 4 ( for compounding quarterly )
t - 10 years
From equation (1)
Take root root on both side,
r = 6.992 %
Result:
The interest rate is 6.992%, if a bank advertises that it compounds money quarterly and that it will take Double your money in 10 years.
4 times table: 4, 8, 12, 16, 20, 24, 28, 32, 36, 40
5 times table: 5, 10, 15, 20, 25, 30, 35, 40, 45, 50
6 times table: 6, 12, 18, 24, 30, 36, 42, 48, 54, 60
7 times table: 7, 14, 21, 28, 35, 42, 49, 56, 63, 70
10 times table: 10, 20, 30, 40, 50, 60, 70, 80, 90, 100
(I could answer more confidently if I had more context to the question)
I believe the answer to the question is Andre's neighbor pays Andre 10 dollars a week to mow his lawn.
Hope this helps, if not, comment below please!!
:L
Answer:
Step-by-step explanation:
we know that
The simple interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
step 1
Find the rate of interest
in this problem we have
substitute in the formula above and solve for r
The rate of interest is
step 2
Find the sum of money that will amount to 25,500 in 5 years, at the same rate of interest
in this part we have
substitute in the formula above and solve for P
I'm gonna say C cause 0.004 is less than 0.07 and 0.32 is less than 0.6 cause 0.6 = 0.60....so ya the answer is C