Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r to the

The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r to the nearest tenth of a percent.

P= $4,800, A= $4,902, t= 3 months

(Round to the nearest tenth of a percent.)

Determine the present value P you must invest to have the future value A at simple interest rate r after time t.

A= $17,000, r= 5.5%, t= 3 years.

The present value that must be invested to get $17,000 after 3 years at an interest rate of 5.5% is $? (Round up to the nearest cent.)

Determine the present value P you must invest to have the future value A at simple interest rate r after time t.

A= $4,000, r= 12.5% t= 9 months

(Round up to the nearest cent.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Global Finance And Development

Authors: David Hudson

1st Edition

0415436354, 978-0415436359

More Books

Students also viewed these Finance questions