/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} Q35. For an account that earns simple... [FREE SOLUTION] | 91影视

91影视

Log out

Learning Materials

Features

Discover

Chapter 8: Q35. (page 406)

For an account that earns simple annual interest, find the interest and the balance of the account.

P=$850,r=3%,t=6years

Short Answer

Expert verified

Interest: $153

Balance of the account: $1003

Step by step solution

01

Step 1. Given Information.

Account details: P=$850,r=3%,t=6years

02

Step 2. Concept Used.

Simple interest formula - I=P路r路t, where,

I = Amount of interest,

P = Principal amount,

r= Annual interest rate in decimal form,

t = Time in years.

03

Step 3. Calculation.

Let us convert our given interest rate in decimal form as shown below:

3%=3100=0.03

Upon substituting our given values in simple interest formula, we will get:

I=P鈰�r鈰�tSimpleinterestformulaI=$850鈰�0.03鈰�6SubstitutinggivenvaluesI=$153

Therefore, the amount of interest would be $153.

We know that final amount is account is principal amount plus amount of interest.

Finalamount=Principal+AmountofinterestFinalamount=$850+$153Finalamount=$1003

04

Step 4. Conclusion.

The balance of the account would be $1003.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91影视!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

The formula y鈮�2.59x converts an area xin square miles to an approximate area y in square kilometers. The state of Iowa has an area of 56,276 square miles. Find this area in square kilometers. Round your answer to the nearest thousand square kilometers.

Solve the equation Check your solution.

47-2t=4

Solve the inequality. Graph the solution.

-5y鈮�150

Represent the relation as a graph and as a mapping diagram. Then tell whether the relation is a function. Explain your reasoning.

0,3,1,2,2,-1,4,4,5,4

Graph the equation. Tell whether the equation is a function.

y=32x+1
See all solutions

Recommended explanations on Math Textbooks

Probability and Statistics

Read Explanation

Calculus

Read Explanation

Logic and Functions

Read Explanation

Geometry

Read Explanation

Mechanics Maths

Read Explanation

Discrete Mathematics

Read Explanation
View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.