A contractor purchases 4 dozen pairs of padded work gloves for $55.20. She vincorrectly calculates the unit price as $13.80 pe
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Solution
For this case we can use the following formula:
Where:
P= 400800 = present value
A= future value
r= 0.055 interest rate
n= 4, number of times that the interest is compund in a year (quarterly)
t= 4 years
Replacing we got:
then the interest would be: