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Shannon_r83
Group Title
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?
 2 years ago
 2 years ago
Shannon_r83 Group Title
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?
 2 years ago
 2 years ago

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Shannon_r83 Group TitleBest ResponseYou've already chosen the best response.1
the rate is not 45.5 thats a typo
 2 years ago

Shannon_r83 Group TitleBest ResponseYou've already chosen the best response.1
i=prt but my answers keep coming up wrong
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.0
is it compounding or simple interest
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.0
ok so it is simple interest
 2 years ago

Shannon_r83 Group TitleBest ResponseYou've already chosen the best response.1
702=900*r*6
 2 years ago

sheg Group TitleBest 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
 2 years ago

Shannon_r83 Group TitleBest ResponseYou've already chosen the best response.1
702=5400r
 2 years ago

Shannon_r83 Group TitleBest ResponseYou've already chosen the best response.1
702/5400
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.0
yes you are right
 2 years ago

Shannon_r83 Group TitleBest ResponseYou've already chosen the best response.1
what about the future value
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.0
Future value means total amount you will be having after 6 years
 2 years ago

Shannon_r83 Group TitleBest ResponseYou've already chosen the best response.1
0.13=900+702
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.0
no just \[\large{{Amount}= Principal + Interest Earned}\]
 2 years ago

Shannon_r83 Group TitleBest ResponseYou've already chosen the best response.1
oic lol been studying to long 900 + 702
 2 years ago

Shannon_r83 Group TitleBest ResponseYou've already chosen the best response.1
thanks so much 1702
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.0
no it is not correct
 2 years ago
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