Chapter 8: Problem 1
In Exercises 1-10, express each fraction as a percent. \(\frac{2}{5}\)
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Chapter 8: Problem 1
In Exercises 1-10, express each fraction as a percent. \(\frac{2}{5}\)
These are the key concepts you need to understand to accurately answer the question.
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Suppose your credit card has a balance of \(\$ 3600\) and an annual interest rate of \(16.5 \%\). You decide to pay off the balance over two years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay?
You deposit \(\$ 3000\) in an account that pays \(7 \%\) interest compounded semiannually. After 10 years, the interest rate is increased to \(7.25 \%\) compounded quarterly. What will be the value of the account after 16 years?
You deposit \(\$ 2600\) in an account that pays \(4 \%\) interest compounded once a year. Your friend deposits \(\$ 2200\) in an account that pays \(5 \%\) interest compounded monthly. a. Who will have more money in their account after one year? How much more? b. Who will have more money in their account after five years? How much more? c. Who will have more money in their account after 20 years? How much more?
Describe how to express a percent as a decimal number and give an example.
Suppose that you have \(\$ 10,000\) in a rather risky investment recommended by your financial advisor. During the first year, your investment decreases by \(30 \%\) of its original value. During the second year, your investment increases by \(40 \%\) of its first-year value. Your advisor tells you that there must have been a \(10 \%\) overall increase of your original \(\$ 10,000\) investment. Is your financial advisor using percentages properly? If not, what is your actual percent gain or loss of your original \(\$ 10,000\) investment?
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