1. A capital of $3,831 was lent, and it has produced interest of $840 from 05-12-2022 to 1-12-2023. At what annual simple interest rate was the capital lent?

Name: Solved: 1. A capital of $3,831 was lent, and it has produced interest of $840 from 05-12-2022 to 1-12-2023. At what annual simple interest rate was the capital lent? - MathMaster
Brand: MathMaster
Rating: 4.9 (100 reviews)

100

likes

500 views

Answer to a math question 1. A capital of $3,831 was lent, and it has produced interest of $840 from 05-12-2022 to 1-12-2023. At what annual simple interest rate was the capital lent?

$Expert avatar$

Nash

4.9

87 Answers

Find the number of days from 05-12-2022 to 1-12-2023. May, 2022: 19 days June, 2022: 30 days July, 2022: 31 days August, 2022: 31 days September, 2022: 30 days October, 2022: 31 days November, 2022: 30 days December, 2022: 31 days January, 2023: 12 days So, there are a total of 245 days from 05-12-2022 to 01-12-2023. Find the simple interest rate using the formula written below. I=\frac{Prt}{365} Where I is the simple interest, P is the principal amount, r is the annual simple interest rate and t is the number of days. Plug in the given values. 840=\frac{3831\times r\times245}{365},

r\approx0.3267\approx32.67\%

Frequently asked questions (FAQs)

Math question: Find the length of the hypotenuse in a right triangle with legs measuring 6cm and 8cm.

Math Question: How would you simplify log(xy) using logarithmic properties?

Find the value of x when f(x) = -8 for the cubic function f(x) = x^3.

New questions in Mathematics

The director of a company must transfer 6 people from the human resources department to the sales department, in order to sustain sales during the month of December. What is the probability that he will transfer only 2 of them?

2x-4y=-6; -4y+4y=-8

A soft drink machine outputs a mean of 23 ounces per cup. The machines output is normally distributed with a standard deviation of 3 ounces. What is the probability of filling a cup between 26 and 28 ounces round your answer to four decimal places

A job takes 9 workers 92 hours to finish. How many hours would it take 5 workers to complete the same job?

A test has 5 multiple choice questions. Each question has 4 alternatives, only one of which is correct. A student who did not study for the test randomly chooses one alternative for each question.(a) What is the probability of him getting a zero on the test?(b) What is the probability of him getting a three or more? The maximum mark for the test is 5, with each question worth one point.

In the telephone exchange of a certain university, calls come in at a rate of 5 every 2 minutes. Assuming a Poisson distribution, the average number of calls per second is: a) 1/8 b) 1/12 c) 1/10 d) 2/5 e) 1/24