Scott has a rope 8 metres long. He says, “I need 9 pieces each 0.89 metres long.’’ Will Scott have enough ribbon?
1 answer:
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<u>Given</u>:
Time,
t = 20 years
Rate,
r = 4.4%
Price
= $8,375
Now,
The yield will be:
=
= (%)
Time will be:
=
=
As we know the formula,
⇒
By substituting the values, we get
The face value will be:
($)
Learn more about face value here: