Answer:
3.48%
Step-by-step explanation:
Interest rate is the one variable in the amortization formula that cannot be solved for directly. An iterative or graphical approach is needed. There is no formula. Financial calculators, financial apps, and spreadsheets are all able to do this calculation.
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In the attached, we have used a graphing calculator to find the value of interest rate (in %) that makes the loan payment be $200 for a loan of $11,000. It shows us the rate is 3.48%. (A financial calculator confirms this value.) The x-intercept in the graph is the interest rate that makes the difference between the payment and $200 be zero. In our formula for the payment, we have used t for years. 60 monthly payments is 5 years.
Domain — x > 1 (I notice opened dot.)
Range — y > 1
1. each person will get 1.5 (one and a half) pieces of the worm
The answer would be 1/6 of cake.
Hope this helps
Let's see.
Let's look at the first 10 natural numbers raised to the 4th power.
1^4 = 1 * 1 * 1 * 1 = 1
2^4 = 2 * 2 * 2 * 2 = 16
3^4 = 3 * 3 * 3 * 3 = 81
4^4 = 4 * 4 * 4 * 4 = 256
5^4 = 5 * 5 * 5 * 5 = 625
6^4 = 6 * 6 * 6 * 6 = 1296
7^4 = 7 * 7 * 7 * 7 = 2401
8^4 = 8 * 8 * 8 * 8 = 4096
9^4 = 9 * 9 * 9 * 9 = 6561
10^4 = 10 * 10 * 10 * 10 = 10000
Notice that of the first 10 natural numbers raised to the 4th power, only 5^4 and 10^4 do not have a 1 or a 6 as its units digit. All other 8 numbers have a 1 or a 6 as their units digit.
Now think of 11. If you raise 11 to the 4th power, it will end in 1 just 1^4 does. 12^4 will end in 6 just like 2^4 does. This holds true for the 4th powers of all of the natural numbers. Every natural number that ends in 1 has a 4th power that ends in 1. Every natural number that ends in 2 has a 4th power that ends in 6, etc. Since 8 out of 10 4th powers have a 1 or a 6 in the units digit, then out of 1000, you get 8/10 * 1000 = 800.