Concept explainers
To find: A principle and interest rate where the amount of simple interest earned in 4 years is $80.
Answer to Problem 33HP
Principle amount is $1000 and interest rate is 2%, so that simple interest
Explanation of Solution
Given information: On an investment, simple interest earned in 4 years is $80.
Formula used: It is used following formula to calculate simple interest:
Simple interest =
principle×rate×time
100
where rate is taken in percentage %.
Calculation: On plug in given values of interest and time in above formula,
So, principle can be taken as $1000 and rate can be taken as 2%.
Conclusion: So, a principle amount of $1000 will earn a simple interest of $80 in 4 years at a rate of 2% annual.
Chapter 7 Solutions
Pre-Algebra Student Edition
Additional Math Textbook Solutions
College Algebra
Intermediate Algebra for College Students (7th Edition)
Algebra and Trigonometry (6th Edition)
Elementary Algebra: Concepts and Applications (10th Edition)
Introductory and Intermediate Algebra for College Students (5th Edition)
College Algebra with Modeling & Visualization (5th Edition)
- Algebra and Trigonometry (6th Edition)AlgebraISBN:9780134463216Author:Robert F. BlitzerPublisher:PEARSONContemporary Abstract AlgebraAlgebraISBN:9781305657960Author:Joseph GallianPublisher:Cengage LearningLinear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning
- Algebra And Trigonometry (11th Edition)AlgebraISBN:9780135163078Author:Michael SullivanPublisher:PEARSONIntroduction to Linear Algebra, Fifth EditionAlgebraISBN:9780980232776Author:Gilbert StrangPublisher:Wellesley-Cambridge PressCollege Algebra (Collegiate Math)AlgebraISBN:9780077836344Author:Julie Miller, Donna GerkenPublisher:McGraw-Hill Education