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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
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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