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Shannon_r83

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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  1. Shannon_r83
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    the rate is not 45.5 thats a typo

    • one year ago
  2. Shannon_r83
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    i=prt but my answers keep coming up wrong

    • one year ago
  3. sheg
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    is it compounding or simple interest

    • one year ago
  4. sheg
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    ok so it is simple interest

    • one year ago
  5. Shannon_r83
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    702=900*r*6

    • one year ago
  6. sheg
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    \[\large{Interest = Principal\times{rate}\times{time}}\] let us assume rate of interest is r \[\large{$702 = $900\times{r}\times{6}}\] now solve for r

    • one year ago
  7. Shannon_r83
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    702=5400r

    • one year ago
  8. Shannon_r83
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    702/5400

    • one year ago
  9. Shannon_r83
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    0.13

    • one year ago
  10. Shannon_r83
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    ?

    • one year ago
  11. sheg
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    yes you are right

    • one year ago
  12. Shannon_r83
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    what about the future value

    • one year ago
  13. sheg
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    Future value means total amount you will be having after 6 years

    • one year ago
  14. Shannon_r83
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    a=p+i

    • one year ago
  15. sheg
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    yes

    • one year ago
  16. Shannon_r83
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    0.13=900+702

    • one year ago
  17. sheg
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    no just \[\large{{Amount}= Principal + Interest Earned}\]

    • one year ago
  18. Shannon_r83
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    oic lol been studying to long 900 + 702

    • one year ago
  19. Shannon_r83
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    thanks so much 1702

    • one year ago
  20. sheg
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    no it is not correct

    • one year ago
  21. sheg
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    add properly

    • one year ago
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