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anonymous
 one year ago
here is my problem, P=3000, A=$3180, t=1 year, how do I find the rate?
anonymous
 one year ago
here is my problem, P=3000, A=$3180, t=1 year, how do I find the rate?

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anonymous
 one year ago
Best ResponseYou've already chosen the best response.0the rate of interest?

StudentChaitrali
 one year ago
Best ResponseYou've already chosen the best response.0Is it compound interest or simple interest?

StudentChaitrali
 one year ago
Best ResponseYou've already chosen the best response.0Compound interest: A=P((100+R)/100)^T Simple interest: SI=PRT/100 SI=AP

wolf1728
 one year ago
Best ResponseYou've already chosen the best response.0You need to solve the equation for rate. I have attached a formula solved for the rate.

StudentChaitrali
 one year ago
Best ResponseYou've already chosen the best response.0Its 6% per annum

wolf1728
 one year ago
Best ResponseYou've already chosen the best response.0The equation is complex and is split into 2 parts. exp= [log(total/princ)/years] exp = log(3180/3000)/1 exp = log(1.06) exp= 0.0253058653 rate = (10^exp 1) rate = 10^0.0253058653 1 rate = .06 So, it must be simple interest. If it were compounded interest you'd definitely need to use the formula.
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