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Feliz [49]
3 years ago
11

After 7 years, an initial investment of $600 earned $84. Find the interest rate

Mathematics
1 answer:
Salsk061 [2.6K]3 years ago
8 0

Answer:

2%

Step-by-step explanation:

Solving our equation

r = 84 / ( 600 × 7 ) = 0.02

r = 0.02

converting r decimal to a percentage

R = 0.02 * 100 = 2%/year

The interest rate required to

accumulate simple interest of $ 84.00

from a principal of $ 600.00

over 7 years is 2% per year.

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<u><em>Answer:</em></u>

Option 3

<u><em>Explanation:</em></u>

<u>To get the value of the cheapest bike, best option, we will calculate the total cost of each bike:</u>

<u>i- Option 1:</u>

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<u>ii- Option 2:</u>

$5 down payment and $8 per week for 10 weeks

Total cost = 5 + 8(10) = 5 + 80 = $85

<u>iii- Option 3:</u>

$12 down payment and $5 per month for 12 months

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<u>iv- Option 4:</u>

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<u>Now, from the above calculations, we can conclude that:</u>

The best price would be that of option 3 ($72). It is the lowest price compared to other option.

Hope this helps :)

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3 years ago
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Answer:

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