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If the principal P = $900, the interest I = $702, and time t = 6 years, find the following.
(a) What is the rate?
45.5 . %
(b) What is the future value?
 one year ago
 one year ago
If the principal P = $900, the interest I = $702, and time t = 6 years, find the following. (a) What is the rate? 45.5 . % (b) What is the future value?
 one year ago
 one year ago

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Shannon_r83Best ResponseYou've already chosen the best response.1
the rate is not 45.5 thats a typo
 one year ago

Shannon_r83Best ResponseYou've already chosen the best response.1
i=prt but my answers keep coming up wrong
 one year ago

shegBest ResponseYou've already chosen the best response.0
is it compounding or simple interest
 one year ago

shegBest ResponseYou've already chosen the best response.0
ok so it is simple interest
 one year ago

shegBest ResponseYou've already chosen the best response.0
\[\large{Interest = Principal\times{rate}\times{time}}\] let us assume rate of interest is r \[\large{$702 = $900\times{r}\times{6}}\] now solve for r
 one year ago

Shannon_r83Best ResponseYou've already chosen the best response.1
what about the future value
 one year ago

shegBest ResponseYou've already chosen the best response.0
Future value means total amount you will be having after 6 years
 one year ago

shegBest ResponseYou've already chosen the best response.0
no just \[\large{{Amount}= Principal + Interest Earned}\]
 one year ago

Shannon_r83Best ResponseYou've already chosen the best response.1
oic lol been studying to long 900 + 702
 one year ago

Shannon_r83Best ResponseYou've already chosen the best response.1
thanks so much 1702
 one year ago
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