The principal amount that must be deposited as a lump sum amount is = $16,666.7
<h3>Calculation of principal amount</h3>
The simple interest amount = $20,000
The interest rate = 12%
The time that is given= 10 years
Therefore the principle amount =?
Using the simple interest formula;
SI= P×T×R/100
Make P the subject of formula,
P = SI ×100/T×R
P= 20,000×100/10×12
P= 2,000,000/120
P= $16,666.7
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Answer:
x= 5.6
Step-by-step explanation:
Basically, if you do 7÷5 it would equal 1.4 so you would have to multiply 4x1.4 which would equal 5.6.
In conclusion 4/7 = 5.6/5
Given that the denominator must be 24, the equivalent of the fraction 1/4 is 6/24.
<h3>What is the equivalent of the given fraction?</h3>
Given the data in the question;
- Fraction ⇒ 1/4
- Equivalent must have 24 as the denominator
- Value of the numerator = ?
Let the value of the numerator be represented by 'x'
Hence
1/4 = x/24
Cross multiply and solve for x
4 × x = 1 × 24
4x = 24
x = 24/4
x = 6
Hence;
<h3>1/4 = 6/24</h3>
Given that the denominator must be 24, the equivalent of the fraction 1/4 is 6/24.
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