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A college student takes out a $7000 loan from a bank. The bank charges 5,6% interest per year. How much will
2 answers:
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Answer: There is a difference of $ 1.0228.
Explanation: Given, initial amount or principal = $ 1000,
Time= 5 years and given compound rate of interest = $3.7%
Now, Since the amount in compound continuously,
, where, r is the rate of compound interest, P is the principal amount and t is the time.
Here, P=$ 1000, t=5 years and r= $3.7%,
Thus, amount in compound continuously ,
⇒
Therefore, interest in this compound continuously rate =1203.21844013-1000=203.21844013
now, Since the amount in compound quarterly,
, where, r is the rate of compound interest, P is the principal amount and t is the time.
Thus, amount in compound quarterly,
⇒
⇒
⇒
Therefore, interest in this compound quarterly rate=1202.19567617-1000=202.19567617
So, the difference in these interests=203.21844013-202.19567617=1.02276396 ≈1.0228
Answer:
Lola was in lead for of a mile.
Step-by-step explanation:
We have been given that Lola and Brandon had a running race. They ran 3/10 of a mile. Lola was in the lead for 4/5 of the distance.
To find the fraction of a mile for which Lola was in the lead, we need to find 4/5 of 3/10 as:
Therefore, Lola was in lead for of a mile.