Quantcast

Got Homework?

Connect with other students for help. It's a free community.

  • across
    MIT Grad Student
    Online now
  • laura*
    Helped 1,000 students
    Online now
  • Hero
    College Math Guru
    Online now

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

nwcountry

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

  • one year ago
  • one year ago

  • This Question is Closed
  1. nwcountry
    Best Response
    You've already chosen the best response.
    Medals 0

    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!

    • one year ago
  2. nwcountry
    Best Response
    You've already chosen the best response.
    Medals 0

    Oh lord, I'm too tired, I messed up the formula I see

    • one year ago
  3. klimenkov
    Best Response
    You've already chosen the best response.
    Medals 1

    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.

    • one year ago
  4. nwcountry
    Best Response
    You've already chosen the best response.
    Medals 0

    What is the exact Interest?

    • one year ago
  5. nwcountry
    Best Response
    You've already chosen the best response.
    Medals 0

    P X R x t

    • one year ago
  6. klimenkov
    Best Response
    You've already chosen the best response.
    Medals 1

    I think, it is. Do you have an answer to this?

    • one year ago
  7. nwcountry
    Best Response
    You've already chosen the best response.
    Medals 0

    yes, one sec

    • one year ago
  8. nwcountry
    Best Response
    You've already chosen the best response.
    Medals 0

    18.03 or 182.84 or 18.28 or 18.34

    • one year ago
  9. nwcountry
    Best Response
    You've already chosen the best response.
    Medals 0

    I get 180.27?

    • one year ago
  10. nwcountry
    Best Response
    You've already chosen the best response.
    Medals 0

    3400 X .11 X .482 ?

    • one year ago
  11. klimenkov
    Best Response
    You've already chosen the best response.
    Medals 1

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

    • one year ago
  12. nwcountry
    Best Response
    You've already chosen the best response.
    Medals 0

    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

    • one year ago
  13. klimenkov
    Best Response
    You've already chosen the best response.
    Medals 1

    You are welcome. If you have answer, don't be shy to ask them.

    • one year ago
    • Attachments:

See more questions >>>

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.