Joy invests $5,000 into an account at an annual rate of 0.4% simple interest for 36 months. 1) What is the Principal in this scenario? 3 0.4 % 0.004 $5,000 2) What is the interest rate for this account? 3 0.004 0.4 % $5,000 3) What number do you use to represent the interest rate in the simple interest formula? 0.4 % 0.004 3 $5,000 4) What is the length of time of this investment, in years? $5,000 0.4 % 0.004 3 5) Calculate the simple interest earned on this account.
Joy invests $5,000 into an account at an annual rate of 0.4% simple interest for 36 months. 1) What is the Principal in this scenario? 3 0.4 % 0.004 $5,000 2) What is the interest rate for this account? 3 0.004 0.4 % $5,000 3) What number do you use to represent the interest rate in the simple interest formula? 0.4 % 0.004 3 $5,000 4) What is the length of time of this investment, in years? $5,000 0.4 % 0.004 3 5) Calculate the simple interest earned on this account.
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Joy invests $5,000 into an account at an annual rate of 0.4% simple interest for 36 months.
1) What is the Principal in this scenario?
- 3
- 0.4 %
- 0.004
- $5,000
2) What is the interest rate for this account?
- 3
- 0.004
- 0.4 %
- $5,000
3) What number do you use to represent the interest rate in the simple interest formula?
- 0.4 %
- 0.004
- 3
- $5,000
4) What is the length of time of this investment, in years?
- $5,000
- 0.4 %
- 0.004
- 3
5) Calculate the simple interest earned on this account.
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