A company lends $1,300,000 for 1 year at 12%, compounded monthly to another company that manufactures tug boats. Find (a) the
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Answer:
Please see the attached image for solution.
Step-by-step explanation:
Cent: Rounding to the nearest cent or multiple of 0.01.
Dime: Rounding to the nearest 10 cents or multiple of 0.10.
Dollar: Rounding to the nearest dollar or multiples of 1.
For example, in question #21:
To round $12.3456 to the nearest cent: you must look at the hundredths place, and pay attention to the digit to its right. In this case, the digit at the hundredths place is 4, and to its right is 5. Therefore, you must round it up to 5, making it $12.3<u>5</u>.
To round $12.3456 to the nearest dime: you must look at the tenths place, and pay attention to the digit to its right. In this case, the digit at the tenths place is 3, and to its right is 4. Since 4 is less than 5, you must round 4 down to 0, making it into $12.<u>3</u>0.
To round $12.3456 to the nearest dollar: you must look at the ones place, and pay attention to the digit to its right. In this case, the digit at the ones place is 2, and to its right is 3. Since 3 is less than 5, you must round 3 down to 0, making it into $1<u>2</u>.00.
