How long will it take money to quadruple if it is invested at 6% compounded daily? 6.9% compounded continuously?
1 answer:
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Given:
Ratio of tulips to roses = 2:1
Total number of flowers = 18
To find:
The number of tulips.
Solution:
Let the number of tulips and roses are 2x and x respectively.
According to the question,
Divide both sides by 3.
Now,
Number of tulips
Therefore, the number of tulips is 12.
Answer:
He should pay $2,790.7.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time, in years.
After t years, the total amount of money is:
In this question:
Rate of 10%, so I = 0.1.
9 months, so
How much should he pay for a note that will be worth $3,000 in 9 months?
We have to find P for which T = 3000. So
Then
He should pay $2,790.7.