Answer:
the answer depends on which type of interest we use:
- simple interest rate = 24%
- compound interest rate = 26.82%
Step-by-step explanation:
the interest rate paid for holding the cards one month 1/50 or 2%.
to convert 2% monthly interest rate to a simple annual rate:
monthly rate x 12 months = 2% x 12 = 24%
now to convert 2% monthly interest rate to an annual rate (using compound interest):
- = (1 + r)ⁿ - 1
- = (1 + 0.02)¹² - 1 = 1.2682 - 1 = 0.2682 or 26.82%
in compound interest, earned interest earns even more interest by itself besides the interest earned by the principal.
There are 8 pints in 1 gallon
So
In 4 gallons there are 32 pints
Answer:
t + f = 2000
let represent the amount invested at three percent; let f represent the amount invested at five percent. The total of these amounts is $20,000. The total of the interest earned by each amount is $800. Of course the interest earned is the amount multiplied by the interest rate.
<span>Income earned over one year is principal * int rate so we have
0.12*A + 0.13*B +0.14*C = 400
and A + B + C = 3000
and A+B = C</span>
200/160=1.25
200+160=360/1.25/160=200.8
so your answer is 0.8
