A contractor has $650 worth of electrical material on the shelf in stockfor 3 consecutive years. If the money is borrowed at 12% interest rateper annum, what does it cost to carry this stock?

Where A is the amount after time t P is the initial investment R is the rate of interest t is the…

Answered: A contractor has $650 worth of…

Elementary Geometry For College Students, 7e

7th Edition

ISBN:9781337614085

Author:Alexander, Daniel C.; Koeberlein, Geralyn M.

Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.

ChapterP: Preliminary Concepts

SectionP.CT: Test

Problem 1CT

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A contractor has $650 worth of electrical material on the shelf in stock for 3 consecutive years. If the money is borrowed at 12% interest rate per annum, what does it cost to carry this stock?