An account earns simple interest. Find the annual interest rate. Interest = $60 principle = $500 time = 2 years Please help!!
1 answer:
Answer:
A = $560.00
Step-by-step explanation:
I = A - P = $60.00
Formula:
First, converting R percent to r a decimal
r = R/100 = 6%/100 = 0.06 per year.
Solving our equation:
A = 500(1 + (0.06 × 2)) = 560
A = $560.00
The total amount accrued on a principal of $500.00 at a rate of 6% per year for 2 years is $560.00.
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<u>Answer:</u>
<em>Mathew invested</em><em> $600 and $2400</em><em> in each account.</em>
<u>Solution:</u>
From question, the total amount invested by Mathew is $3000. Let p = $3000.
Mathew has invested the total amount $3000 in two accounts. Let us consider the amount invested in first account as ‘P’
So, the amount invested in second account = 3000 – P
Step 1:
Given that Mathew has paid 3% interest in first account .Let us calculate the simple interest earned in first account for one year,
Where
p = amount invested in first account
n = number of years
r = rate of interest
hence, by using above equation we get as,
----- eqn 1
Step 2:
Mathew has paid 8% interest in second account. Let us calculate the simple interest earned in second account,
Step 3:
Mathew has earned 4% interest on total investment of $3000. Let us calculate the total simple interest (I)
Step 4:
Total simple interest = simple interest on first account + simple interest on second account.
Hence we get,
By substituting eqn 1 , 2, 3 in eqn 4
12000=3P + 24000 - 8P
5P = 12000
P = 2400
Thus, the value of the variable ‘P’ is 2400
Hence, the amount invested in first account = p = 2400
The amount invested in second account = 3000 – p = 3000 – 2400 = 600
Hence, Mathew invested $600 and $2400 in each account.
Answer:
Step-by-step explanation:
Having the radius to be involved, the shape is a circle.
<u>Circumference formula </u>
Finding radius, formula will be reversed.