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mixer [17]
3 years ago
7

a hospital bill is estimated to be $480. It ends up actually costing the patient $524.50. What is the percent of error in the bi

ll?
Mathematics
1 answer:
lozanna [386]3 years ago
6 0

Answer:

8.48%

Step-by-step explanation:

Given that,

The estimated bill = $480

Actual costing of the bill = $524.50

We need to find the percent error in the bill. It can be calculated as follows :

\%=\dfrac{524.50-480}{524.50}\times 100\\\\\%=8.48\%

So, the percentage error in the bill is 8.48%.

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Elina [12.6K]

Answer:

The effective interest rate, rounded to the nearest tenth, is 0.1%.

Step-by-step explanation:

The banker's rule is the simple interest formula.

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) and t is the time, in years.

The effective interest rate is given by the following formula:

E_{IR} = \frac{E}{P}.

In this problem, we have that:

A man makes a simple discount note for $6,200, at an ordinary bank discount rate of 8.84%, for 40 days. We consider that the year has 360 days. This means that P = 6200, I = 0.0884, t = \frac{40}{360} = \frac{1}{9}.

So

E = 6200*0.0884*\frac{1}{9} = 60.9

The effective interest rate is

E_{IR} = \frac{E}{P} = \frac{60.9}{6200} = 0.0098 = 0.001

The effective interest rate, rounded to the nearest tenth, is 0.1%.

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