The initial pay rate is $16.00. It is also mentioned that the price is marked up by 78.7%. It means that the prices are increased by 78.7%. Also, there is a profit of 10% too. So, the pay rates after mark up will be
$16.00 + (78.7% of 16.00)
= $16.00 + $12.592
=$28.592
And the pay rates after estimated profit is
$28.592 + (10% of $28.592)
= $28.592 + $2.8592
= $31.4512
Hence, the revised bill rate, rounded to the nearest cent is $31.45.
22.1649 months
Step-by-step explanation:
We begin by calculating the interest accruing to the principal amount in the bank account;
$6,324 - $5,678
= $646
646/5678 * 100
= 11.38 % pm
Now that know the interest rate, we calculate the amount of time it will take to accrue to $20,000
A = P(1 + rt)
Where:
A = Total Accrued Amount (principal + interest)
P = Principal Amount
r = Rate of Interest per year in decimal; r = R/100
t = Time Period involved in months or years
20000 = 5678 (1 + 0.1138t)
20000 = 5678 + 646.1564t
20000 – 5678 = 646.1564t
14,322 = 646.1564t
t = 14,322/646.1564
t = 22.1649