Answer: the answer to a is $858.00 the answer to b is $492.42 the answer to c: 41.67
Step-by-step explanation:
explation to a:First, converting R percent to r a decimal
r = R/100 = 8%/100 = 0.08 per year.
Solving our equation:
A = 650(1 + (0.08 × 4)) = 858
A = $858.00
The total amount accrued, principal plus interest, from simple interest on a principal of $650.00 at a rate of 8% per year for 4 years is $858.00.
explanation to b:First, converting R percent to r a decimal
r = R/100 = 8%/100 = 0.08 per year.
Solving our equation:
P = 650 / ( 1 + (0.08 × 4)) = 492.42424242424
P = $492.42
The principal investment required to get a total amount, principal plus interest, of $650.00 from simple interest at a rate of 8% per year for 4 years is $492.42. explaition to c:First, converting R percent to r a decimal
r = R/100 = 8%/100 = 0.08 per year,
then, solving our equation
t = (1/0.08)((650/150) - 1) = 41.67
t = 41.67 years
The time required to get a total amount, principal plus interest, of $650.00 from simple interest on a principal of $150.00 at an interest rate of 8% per year is 41.67 years (about 41 years 8 months).
