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vovikov84 [41]
3 years ago
6

Troy has $50 a month transferred electronically from his checking account to his savings account. This is an example of:

Business
1 answer:
kupik [55]3 years ago
7 0

Answer:

Saving plan

Explanation:

The saving plan are the life insurance plans that offers the various opportunity to an individual in order save and accumulated the fund for the upcoming future

Since Troy has $50 a month and the same is transferred electronically from his checking account to his saving account so automatically he saves each month

Therefore the same represent the saving plan

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To get the formula for the principal, we will use the formula for the interest and derived it from there:

I = Prt is the equation then it will be P = I /rt since we are looking for the principal.

 

P = I /rt

 

= $500 / (0.145 x 240/360)

 

= $500 / 0.0967

 

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To check:

I = Prt

 

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