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natali 33 [55]
3 years ago
6

8. A sum of $1200 was lent out for 2 years at S. I. The lender got $1536 in all.

Mathematics
1 answer:
Kazeer [188]3 years ago
7 0

Answer: The rate of interest per annum is 64%

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Answer:
Interest earned = 2713.8

Explanation:
We will solve this problem on two steps:
1- get the final amount after three years
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1- getting the final amount after 3 years:
The formula that we will use is as follows:
A = P (1 + r/n)^(nt)
where:
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Substitute to get the final amount:
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2- getting the interest earned:
Interest earned = final amount - initial amount
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Hope this helps :)
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