What is the annual interest rate on an account in which earn, Mathematics

Assignment Help:

What is the annual interest rate on an account in which earns $948 in simple interest over 36 months along with an initial deposit of $7,900?

Using the easy interest formula Interest = principal × rate × time, or I = prt, substitute p = $1,250, r = 0.034 (the interest rate as a decimal), and t = 1.5 (18 months is equal to 1.5 years); I = (1,250)(.034)(1.5). Multiply to obtain a result of I = $63.75. To ?nd the total amount in the account after 18 months, add the interest rate to the initial principal. $63.75 + $1,250 = $1313.75.


Related Discussions:- What is the annual interest rate on an account in which earn

What is venn diagram, The diagrams drawn to given sets are called as Venn d...

The diagrams drawn to given sets are called as Venn diagrams or Eule -Venn diagrams. Here given the universal set U by points within rectangle and the subset A of the set U given b

Average function value of even and odd function, Average Function Value ...

Average Function Value The first application of integrals which we'll see is the average value of a function. The given fact tells us how to calculate this. Average Functi

Graph for the sequence - sequences and series, Graph for the Sequence F...

Graph for the Sequence First we wish to think about the term graphing a sequence. To graph the sequence {a n } we plot the points {n, a n } as n ranges over every possible valu

Probability, An unbiased die is tossed twice .Find the probability of getti...

An unbiased die is tossed twice .Find the probability of getting a 4,5,6 on the first toss and a 1,2,3,4 on the second toss

Lucy youth group increased $1, Lucy's youth group increased $1,569 for char...

Lucy's youth group increased $1,569 for charity. They decided to split the money evenly between 3 charities. How much will each charity receive? Divide the money raised through

Linear programming problem, I have a linear programming problem that we are...

I have a linear programming problem that we are to work out in QM for Windows and I can''t figure out how to lay it out. Are you able to help me if I send you the problem?

Relationship between the graph and inverse function, Interesting relationsh...

Interesting relationship between the graph of a function and the graph of its inverse : There is one last topic that we have to address quickly before we leave this section.  Ther

Find the discount factors and linear interpolation, Question: All rates...

Question: All rates should be calculated to 3 decimal places in % (e.g. 1.234%), the discount factors to 5 decimal places (e.g. 0.98765), and the bond prices to 3 decimal place

Calculate the volume and surface area of a cube, Calculate the volume and s...

Calculate the volume and surface area of a cube: Calculate the volume and surface area of a cube with a = 3".  Be sure to involved units in your answer. Solution: V =

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd