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?
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Shannon_r83
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the rate is not 45.5 thats a typo
Shannon_r83
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i=prt
but my answers keep coming up wrong
sheg
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is it compounding or simple interest
sheg
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ok so it is simple interest
Shannon_r83
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702=900*r*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
Shannon_r83
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702=5400r
Shannon_r83
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702/5400
Shannon_r83
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0.13
Shannon_r83
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?
sheg
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yes you are right
Shannon_r83
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what about the future value
sheg
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Future value means total amount you will be having after 6 years
Shannon_r83
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a=p+i
sheg
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yes
Shannon_r83
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0.13=900+702
sheg
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no just \[\large{{Amount}= Principal + Interest Earned}\]
Shannon_r83
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oic lol been studying to long 900 + 702
Shannon_r83
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thanks so much 1702
sheg
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no it is not correct
sheg
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add properly