document.write( "Question 1061445: I have a business finance exam soon and I am having some difficulty to arrange formulas and then solving it. Can someone please give a step by step guide as to how to arrive to the answer.
\n" ); document.write( "2.4= 0.3495*1.03/(I-0.03)
\n" ); document.write( "I= 17.999%
\n" ); document.write( "Can someone please explain how to get to the value of I. Any help will be greatly appreciated. Thank you. \n" ); document.write( "

Algebra.Com's Answer #676237 by MathTherapy(10552) $\"\"$ $\"About$

You can put this solution on YOUR website!
I have a business finance exam soon and I am having some difficulty to arrange formulas and then solving it. Can someone please give a step by step guide as to how to arrive to the answer.
\n" ); document.write( "2.4= 0.3495*1.03/(I-0.03)
\n" ); document.write( "I= 17.999%
\n" ); document.write( "Can someone please explain how to get to the value of I. Any help will be greatly appreciated. Thank you.
\n" ); document.write( "

I'm sure you will have a calculator in the exam, so DO NOT do any calculation until it's totally necessary
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document.write( "You have: 
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document.write( "2.4(I - .03) = 0.3495 * 1.03 ------- Cross-multiplying
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document.write( "2.4I - 2.4(.03) = 0.3495 * 1.03 ---- Distributing left-side
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document.write( "2.4I = 0.3495 * 1.03 + 2.4(.03) -----Adding 2.4(.03) to both sides
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document.write( " ------- Dividing both sides by 2.4
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document.write( "Now, you can enter all that into the calculator, making sure that you place PARENTHESES before the 0.3495 and also after the .03 so as to DIFFERENTIATE the numerator from the denominator.
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document.write( "You should then get: 0.17999375, which is actually 17.999%, rounded to 3 decimal places. \n" );
document.write( "

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