Single interest uses an arithmetic formula where as compound interest uses a geometric formula
Answer:10%
Step-by-step explanation:
The formula is
A=p (1+r/k)^kt
A future value 3000
P present value 150
R interest rate 0.025
T time?
3000=150 (1+0.025/12)^12t
Solve for t
3000/150=(1+0.025/12)^12t
Take the log
Log (3000/150)=log (1+0.025/12)×12t
12t=Log (3000/150)÷log (1+0.025/12)
T=(log(3,000÷150)÷log(1+0.025÷12))÷12
T=119.95 years
Answer:
Total items = $39.90
Sales tax amount = $3.7905
Total cost = $43.691
The clerk's error is using 9.5 as sales tax amount instead of finding 9.5% of the total items
Step-by-step explanation:
Dress = $24.95
Skirt = $14.95
steps the clerk completed.
Step 1: 24.95 + 14.95 = 39.90
Step 2: 39.90 +9.5 = 49.40
Correct steps:
Total items = dress + skirt
= $24.95 + $14.95
= $39.90
Sales tax = 9.5%
Sales tax amount = 9.5% of total
= 9.5/100 × $39.90
= 0.095 × 39.90
= $3.7905
Total cost = Total + sales tax amount
= $39.90 + $3.7905
= $43.6905
To the nearest hundredth
= $43.691
Sales tax is the amount of money imposed by government on the sales of some items
Total cost is the cost of all items including sales tax
