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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?

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  1. anonymous
    • one year ago
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    the rate of interest?

  2. StudentChaitrali
    • one year ago
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    Is it compound interest or simple interest?

  3. StudentChaitrali
    • one year ago
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    Compound interest: A=P((100+R)/100)^T Simple interest: SI=PRT/100 SI=A-P

  4. wolf1728
    • one year ago
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    You need to solve the equation for rate. I have attached a formula solved for the rate.

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  5. StudentChaitrali
    • one year ago
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    Its 6% per annum

  6. wolf1728
    • one year ago
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    The 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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