SOLUTION: can someone show me where l am going wrong.
Braun invested R8 350 in an account that pays simple interest. After six years, he received an accumulated
amount of R12 859. The si
Algebra.Com
Question 1111418: can someone show me where l am going wrong.
Braun invested R8 350 in an account that pays simple interest. After six years, he received an accumulated
amount of R12 859. The simple interest rate on the investment, rounded to two decimal digits, was ...
R = I/PxT
r = ?
I = 12 859
P = 8 350
T = 6 years
:6x12 = 72 months
:12859/8350x72
:8350x72 = 601200
:12859/601200
:0.021388..
the answers provided being below. non of them matches my answer
[1] 9,00%
[2] 7,45%
[3] 6,00%
[4] 0,09%
Answer by greenestamps(13198) (Show Source): You can put this solution on YOUR website!
(1) The R12859 is not the amount of interest; it is the original R8350 plus the interest.
(2) The interest rate is always a yearly interest rate; the number of months in a year is not involved in the calculations.
I = Prt
I = 12859-8350
P = 8350
t = 6
RELATED QUESTIONS
Braun invested R8350 in an account that pays simple interest.AFter six years,the... (answered by ikleyn)
what is the value after 4 years if $8,700 is invested in an account that pays 9% interest (answered by rfer)
I am still not able to figure this one out. Can someone show me step by step how to get... (answered by rothauserc)
Algebra Question:Three years after opening an account that pays simple interest add 3.25% (answered by josgarithmetic)
I am to recall that, when interest is compounded continuously, the balance in an account... (answered by stanbon)
Please help me and show work. Thanks
$800 is deposited in an account that pays 9%... (answered by jim_thompson5910)
$1500 was invested for 2 years in an account that pays interest compounded annually. What (answered by ewatrrr)
you invest $7000 in an account that pays simple interest of 7% for 4... (answered by lynnlo)
Helen Weller invested $15,000 in an account that pays 11% simple interest. How much... (answered by Earlsdon,stanbon)