Find the rate percent per annum at which birr 380 earns birr 128.25 in 7 years and 6 months?​

Question

Find the rate percent per annum at which birr 380 earns birr 128.25 in 7 years and 6 months?​

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Ngọc Khuê 5 years 2021-08-20T15:56:52+00:00 1 Answers 133 views 1

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  1. Farah
    0
    2021-08-20T15:58:26+00:00
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    Answer:

    A = $4,035.13

    Step-by-step explanation:

    Given: 380 earns, 128.25 in 7 years and 6 months

    To find: The rate percent per annum

    Formula: A = P(1 + rt)

    Solution: I = A – P = $3,655.13

    Equation:

    A = P(1 + rt)

    First, converting R percent to r a decimal

    r = R/100 = 128.25%/100 = 1.2825 per year.

    Solving our equation:

    A = 380(1 + (1.2825 × 7.5)) = 4035.125

    A = $4,035.13

    The total amount accrued, principal plus interest, from simple interest on a principal of $380.00 at a rate of 128.25% per year for 7.5 years is $4,035.13.

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