a) Rate (R) 24/5 Time = 1 month Interest = Rs. 39.96​

Question

a) Rate (R)
24/5
Time = 1 month
Interest = Rs. 39.96​

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Diễm Thu 3 years 2021-08-18T00:51:44+00:00 1 Answers 5 views 0

Answers ( )

  1. Tryphena
    0
    2021-08-18T00:53:21+00:00
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    Answer:  P = $ 1,998.01

    Step-by-step explanation:

    First, converting R percent to r a decimal

    r = R/100 = 24%/100 = 0.24 per year,

    putting time into years for simplicity,

    1 months ÷ 12 months/year = 0.083333 years,

    then, solving our equation

    P = 39.96 / ( 0.24 × 0.083333 ) = 1998.007992032

    P = $ 1,998.01

    The principal required to

    accumulate interest of $ 39.96

    on a rate of 24% per year for 0.083333 years (1 months) is $ 1,998.01.

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