Answer:
160 2p coins
Step-by-step explanation:
3/8 x 640 = 240 = 1p coins
240 = 5p coins
240 + 240 = 480
640 - 480 = 160
The fraction 5/7 to a decimal is: 0.71428571
Answer:
Interest earned= $200
Step-by-step explanation:
Giving the following information:
Initial investment= $20,000
Interest rate= 3%
Inflation rate= 2%
First, we need to calculate the real interest rate. <u>The inflation rate decreases the value of money through time. We need to deduct from the interest rate, the inflation rate.</u>
Real interest rate= 0.03 - 0.02= 0.01
<u>Now, we can calculate the interest earned in year 1:</u>
Interest earned= PV*(1+i)^n - PV
Interest earned= 20,000*(1.01^1) - 20,000
Interest earned= $200
