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1. A = 562.40, P = 500, n = 91 days + 7 days/week A = P(1 + i)¹

1. A = 562.40, P = 500, n = 91 days + 7 days/week A = P(1 + i)¹

Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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1. A = 562.40, P = 500, n = 91 days 7 days/week A = P(1 + i)¹ 562.4 = 500(1+2) 562.4 500 500(1+2) 500 1.1248 = (1 + 2) - = 1.1248 i 1.00908 = 1+ 5/2 1.00908 1=1+ 0.00908 13 i 52 (52)0.00908 0.473 i - - 13 (1 + 5/12) 13 (52)i 52 i 52 13 The annual interest rate would be 47.3%. Substitute values. Isolate the power. Simplify. Take the 13th root of both sides of the equation. Simplify. Isolate the variable term. Simplify. Isolate the variable. Simplify.
Transcribed Image Text:1. A = 562.40, P = 500, n = 91 days 7 days/week A = P(1 + i)¹ 562.4 = 500(1+2) 562.4 500 500(1+2) 500 1.1248 = (1 + 2) - = 1.1248 i 1.00908 = 1+ 5/2 1.00908 1=1+ 0.00908 13 i 52 (52)0.00908 0.473 i - - 13 (1 + 5/12) 13 (52)i 52 i 52 13 The annual interest rate would be 47.3%. Substitute values. Isolate the power. Simplify. Take the 13th root of both sides of the equation. Simplify. Isolate the variable term. Simplify. Isolate the variable. Simplify.
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