Find the first five terms of the sequence described.
1 answer:
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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:
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:
.
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 .
So
The effective interest rate is
The effective interest rate, rounded to the nearest tenth, is 0.1%.
We know for the problem that the performer earned $120 at a performance where 8 people attend. We also know that he u<span>ses 43% of the money earned to pay the costs involved in putting on each performance, so we need to find the 43% of $120. To do that, we are going to divide 43% by 100%, and then multiply it by $120:
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Now we know that the performer uses $51.6 of $120 to pay the costs involved in putting on each performance. The only thing left to find his profits is subtract $51.6 from $120:
We can conclude that the performer makes a profit of $68.4 when 8 people attend his performance.
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Now we know that the performer uses $51.6 of $120 to pay the costs involved in putting on each performance. The only thing left to find his profits is subtract $51.6 from $120:
We can conclude that the performer makes a profit of $68.4 when 8 people attend his performance.