Answer:
Hope I'm not too late
4. 5.75%
5. $15,785
6. $20,960
Step-by-step explanation:
I (interest) = p(principal, or money deposited) x r (rate, converted from percentage to decimal) x t (time, in years)
Plugging in info for #4:
241.50 = (1,050) (r) (4)
241.50 = 4200r
divide both sides by 4200
r = 0.0575
multiply by 100 to change from decimal to percentage, = 5.75% is the rate
Plugging in for #5:
(remember to divide percentage by 100 to go from percent to decimal)
I = (410,000)(0.0385)(1)
Interest = $15,785
Number 6 takes two steps. One is the equation we've been doing, the other is to add that interest to the amount deposited in the first place.
I = (8,000)(0.09)(18)
Interest = $12,960
Now add the $12,960 to the $8,000 deposit in the first place, and you have $20,960
