Question

Two business partners have a bank balance of $17,942.00. After the first year their interest brings their balance to $18,928.91. What rate of interest is earned?

183

likes
913 views

Answer to a math question Two business partners have a bank balance of $17,942.00. After the first year their interest brings their balance to $18,928.91. What rate of interest is earned?

Expert avatar
Santino
4.5
112 Answers
To find the rate of interest earned, we can use the formula for simple interest:

I = P \cdot r \cdot t

Where:
- I is the interest earned,
- P is the principal (initial balance),
- r is the interest rate, and
- t is the time in years.

In this problem, we are given the principal (\$17,942.00) and the final balance after one year (\$18,928.91).

Substituting these values into the formula, we have:

18,928.91 - 17,942.00 = 17,942.00 \cdot r \cdot 1

Simplifying the equation:

986.91 = 17,942.00 \cdot r

To find the rate of interest (r), we can divide both sides of the equation by the principal (\$17,942.00):

\frac{986.91}{17,942.00} = r

Calculating this expression:

r \approx 0.055 = 5.5\%

Answer: The rate of interest earned is approximately 5.5%.

Frequently asked questions (FAQs)
Math question: Given Ξ”ABC and Ξ”DEF, if AB = DE, BC = EF, and ∠ABC = ∠DEF, what rule for congruence allows us to conclude that Ξ”ABC β‰… Ξ”DEF?
+
What is the median of a set with an odd number of elements?
+
Math question: Convert the number 5.2 x 10^3 into standard form.
+
New questions in Mathematics
what is 456456446+24566457
The length and breadth of my rectangular vegetable garden is 12,5m and 7,25m respectively. What is the perimeter of the garden?
58+861-87
Elliot opened a savings account and deposited $5000.00 as principal. The account earns 4% interest, compounded annually. How much interest will he earn after 5 years? Round your answer to the nearest cent.
(6.2x10^3)(3x10^-6)
Find the measures of the sides of βˆ†KPL and classify each triangle by its sides k (-2,-6), p (-4,0), l (3,-1)
Determine the momentum of a 20 kg body traveling at 20 m/s.
A National Solidarity Bond offers A 5 year bond offering a gross return of 15% Calculate the AER for this investment. (Give your answer to two decimal places, no need for the percent or € sign in your answer)
How many anagrams of the word STROMEC there that do not contain STROM, MOST, MOC or CEST as a subword? By subword is meant anything that is created by omitting some letters - for example, the word EMROSCT contains both MOC and MOST as subwords.
The physician orders 15mg of tramadol(liquid). On hand is 30mg/2mL vials. How many mL will the MA administer?
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
A researcher is interested in voting preferences on change of the governing constitution in a certain country controlled by two main parties A and B. A questionnaire was developed and sent to a random sample of voters. The cross tabs are as follows Favour Neutral Oppose Membership: Party A 70 90 85 Party B 50 50 155 Test at Ξ± = 0.05 whether party membership and voting preference are associated and state the conditions required for chi-square test results to be valid.
48 kg of 30% sulfuric acid in a mixture of 10% and 40% sulfuric acid arose. How many kilograms were each of the original solutions?
1. A jeweler has two gold bars, with 80% purity and the other with 95% purity. How much of each must be melted to obtain a 5 kilo ingot with 86% purity?
Solve for B write your answer as a fraction or as a whole number. B-1/7=4
An election ballot asks voters to select three city judges from a group of 12 candidates. How many ways can this be done?
calculate the product of 4 and 1/8
How many digits are there in Hindu-Arabic form of numeral 26 Γ— 1011
5a-3.(a-7)=-3
In a cheese factory, one pie costs 3800 denars. The fixed ones costs are 1,200,000 denars, and variable costs are 2,500 denars per pie. To encounter: a) income functions. profit and costs; b) the break-even point and profit and loss intervals.