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nwcountry

  • one year ago

Hi everyone, would someone be able to help me with the following: Exact Interest for Principle of $3400, Rate is 11% and Time is 176 Days. I keep getting $179.52 which is not a choice on my homework. Any help is greatly appreciated, denise

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  1. nwcountry
    • one year ago
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    Rate = I/PT. That I can figure but somewhere I am messing up, thanks again, denise PS Exact interest is used as 365 days, I've been doing that part right too, I think, lol!

  2. nwcountry
    • one year ago
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    Oh lord, I'm too tired, I messed up the formula I see

  3. klimenkov
    • one year ago
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    11% means that someone will obtain $3400*0.11=$374 in a year. But 176 days is a \(\frac{176}{365}=0.482\) part of the year. So it will be $374*0.482=$180,268.

  4. nwcountry
    • one year ago
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    What is the exact Interest?

  5. nwcountry
    • one year ago
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    P X R x t

  6. klimenkov
    • one year ago
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    I think, it is. Do you have an answer to this?

  7. nwcountry
    • one year ago
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    yes, one sec

  8. nwcountry
    • one year ago
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    18.03 or 182.84 or 18.28 or 18.34

  9. nwcountry
    • one year ago
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    I get 180.27?

  10. nwcountry
    • one year ago
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    3400 X .11 X .482 ?

  11. klimenkov
    • one year ago
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    It is the first one. Using the calculator with high precision: http://www.wolframalpha.com/input/?i=3400*0.11*176%2F365

  12. nwcountry
    • one year ago
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    Dangit, I knew it was going to be my calc. I can't seem to get it right, but hey, thank you much, I will try using the online calculator until I can handle this one I bought:) ty again, denise

  13. klimenkov
    • one year ago
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    You are welcome. If you have answer, don't be shy to ask them.

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