Answer:
14)$9,320.00. 15)Chen has 8 nickels, 2 dimes, and 6 quarters. 16)10%
Step-by-step explanation:
<u>14)A = $9,320.00</u>
I = A - P = $1,320.00
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 5.5%/100 = 0.055 per year.
Solving our equation:
A = 8000(1 + (0.055 × 3)) = 9320
A = $9,320.00
The total amount accrued, principal plus interest, from simple interest on a principal of $8,000.00 at a rate of 5.5% per year for 3 years is $9,320.00.
16)R = 1011.1111%/year
Equation:
r = (1/t)(A/P - 1)
Calculation:
Solving our equation:
r = (1/1)((1250/112.5) - 1) = 10.11111111
r = 10.11111111
Converting r decimal to R a percentage
R = 10.11111111 * 100 = 1011.1111%/year
The interest rate required to get a total amount, principal plus interest, of $1,250.00 from simple interest on a principal of $112.50 over 1 years is 1011.1111% per year.
