Conner had 354$ and spent 243 cents. How much did conner have left and how many dollars? please help. If you do, then I will tel
2 answers:
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Answer:
(1) The annual interest rate is 10%, that is greater than 8%
(2) The annual interest is bigger than 22.47% and that is greater than 8%
Step-by-step explanation:
We have the equation:
Where I is the earns in interest, n is the number of years and r is the annual interest rate.
For the first case, we can replace I by $210 and n by 2 as:
Solving for r, we get:
So, for the first case, the interest rate paid by the bank is 10% and it is greater than 8%
For the second case, we need to take the equation and solve for r as:
So, for the second case the rate need to be bigger than 22.47% and that is bigger than 8%