Two numbers are the multiplicative inverse of each other if their product is
1 answer:
You might be interested in
Answer:
The required amount of interest is $5538.
Step-by-step explanation:
Given : $1,500 invested for 20 days at 6.75%, compounded daily.
To find : The amount of interest ?
Solution :
Applying compound interest formula,
Where, A is the amount
P is the principal P=$1500
r is the interest rate r=6.75%=0.0675 compounded daily
t is the time t=20 days
Substitute the value in the formula,
Therefore, The required amount of interest is $5538.