Answer:
The principal required to accumulate interest of $ 1,008.00 on a rate of 4.5% per year for 7 years is $ 3200.
Step-by-step explanation:
Given:
Interest I = $ 1008
Time period t = 7 years
Rate of Interest per year r = 4.5% = 4.5/100 = 0.045
To determine:
Initial deposit P = ?
Using the simple interest formula
I = Prt
P = I / rt
P = 1008 / ( 0.045 × 7 )
P = $ 3200
Therefore, the principal required to accumulate interest of $ 1,008.00 on a rate of 4.5% per year for 7 years is $ 3200.
1. Divide the percent amount by 100 or move the number's decimal point over two places to the left to convert it to its decimal equivalent.
Answer:
x = 5/8 for 5x - 3 = (1/5)x
Step-by-step explanation:
To find x, we want to isolate our 3 from our x-values. You can add three to both sides of the equation and get it to the other side and then subtract 1/5x from 5x.
(5x - 3) + 3 = ((1/5)x) + 3
5x = (1/5)x + 3
5x = (25/5)x
((25/5)x) - (1/5)x = ((1/5)x + 3) - (1/5)x
(24/5)x = 3
From here, you would want to solve for x. This would mean multiplying 3 by 5 and dividing your product by 24.
5*3 = 15
15/24 = 5/8 = x
Hope this helps!
Answer:
$24750
Step-by-step explanation:
Given data
Principal= $45000
Time=5 years
Rate= 11%
Let us apply the simple interest expression
SI= PRT/100
substitute
SI= 45000*11*5/100
SI= 2475000/100
SI= $24750
Hence, Craig would have paid $24750
Answer:
Step-by-step explanation:
Length = 6m
Breadth =4m
