The effective rate of interest will be 9.10 %.
<h3>What is compound interest?</h3>
Compound interest is applicable when there will be a change in principle amount after the given time period.
Let's say you have given 100 for two years with a 10% rate of interest annually than for the second-year principle amount will become 110 instant of 100.
Given for simple interest
Principle amount = $650
Rate of interest = 12%
Time period = 7 months.
Interest= PRT/100
Interest= 650× 12 × 7/100 = 546
So final amount = 650 + 546 = $1196
By compound interest
1196 = 650![[1 + R/100]^{7}](https://tex.z-dn.net/?f=%5B1%20%2B%20R%2F100%5D%5E%7B7%7D)
R = 9.10%
Hence the effective rate of interest will be 9.10%.
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Answer:
Price after discount = 2.4 (1-.3)
Price after discount = 2.4 (.7)
Step-by-step explanation:
We know the cost after the discount.
Price after discount = original price - original price * discount rate
Factoring out the original price
Price after discount = original price (1- discount rate)
We know the discount rate = .3 and the original price is 2.4
Price after discount = 2.4 (1-.3)
Price after discount = 2.4 (.7)
Price after discount = 1.68
I guess it shows he is ok with taking risks.
Answer:
George must run the last half mile at a speed of 6 miles per hour in order to arrive at school just as school begins today
Step-by-step explanation:
Here, we are interested in calculating the number of hours George must walk to arrive at school the normal time he arrives given that his speed is different from what it used to be.
Let’s first start at looking at how many hours he take per day on a normal day, all things being equal.
Mathematically;
time = distance/speed
He walks 1 mile at 3 miles per hour.
Thus, the total amount of time he spend each normal day would be;
time = 1/3 hour or 20 minutes
Now, let’s look at his split journey today. What we know is that by adding the times taken for each side of the journey, he would arrive at the school the normal time he arrives given that he left home at the time he used to.
Let the unknown speed be x miles/hour
Mathematically;
We shall be using the formula for time by dividing the distance by the speed
1/3 = 1/2/(2) + 1/2/x
1/3 = 1/4 + 1/2x
1/2x = 1/3 - 1/4
1/2x = (4-3)/12
1/2x = 1/12
2x = 12
x = 12/2
x = 6 miles per hour