Answer:
Oh easy...
Step-by-step explanation:
Multiply the numerator on the left by the denominator on the right, and the numerator on the right by the denominator on the left, to solve a proportion. Cross multiplying is the term for this. Simplify the equation, then solve for the variable using the inverse operation, division.
Answer: $6000
Explanation:
1) Simple interest means that the interests are calcualted over the original amount borrowed and they are the same every year.
2) yearly interest = interest / number of years = $2400 / 10 = $240
3) the yearly interest equals the amount borrowed times the simple intereset rate:
=> $240 = A * 4%
=> $240 = A * 0.04
=> A = $240 / 0.04 = $6000
You can do the same in one step:
interest = A * simple interest rate * number of years
=> A = interest / [simple interest rate * number of years] = $2400 / [4% * 10]
A = $2400 / (0.04 * 10) = $2400 / 0.4 = $ 6000.
And that is the answer: he borrowed $6000
Answer:
Given that,
A wealthy businessman invests $10,000.
It expects a 6.75% rate of return annually.
To find: the number of years it take the investment to reach at least $15,000 in value.
Explanation:
we know that,
Amount invested at r% rate of interest after t years is,
where P is the initial investment.
Substitute the values we get,
we get,
we get,
Calculating this we get,
Round to the nearest number of years.
we get,
6 years will it take the investment to reach at least $15,000 in value.
Answer is: 6 years will it take the investment to reach at least $15,000 in value
