Mathematics, 16.02.2021 05:10 nonjabulomabaso6850

Note: Enter your answer and show all the steps that you use to solve this problem in the space provided. Yvonne put $4,000 in a savings account. At the end of 3 years, the account had earned $960 in simple interest. a. How much does she have in her account at the end of 3 years?b. At what annual simple interest rate did the account grow? C. How many more dollars would she have in her account if the interest rate were 1% greater?

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Answer from: KENYONWASHINGTON868

Solution :

The amount invested by Yvonne = $ 4,000

Time of investment = 3 years

The simple interest earned by Yvonne in 3 years = $ 960

a). Therefore, the amount Yvonne earned by the end of three years is

= principal + interest earned

= 4,000 + 960

= $ 4,960

b). The formula for simple interest(S.I.) is given by :

$S.I. =\frac{P.T.R}{100}$

or $R = \frac{SI \times 100}{P.T}$

$= \frac{960 \times 100}{4000 \times 3}$

= 8%

c). Now if the interest rate is 1% greater, i.e. R = (8+1) = 9%

∴ $SI =\frac{P.T.R}{100}$

$SI =\frac{4000 \times 3 \times 9}{100}$

SI = $1,080

Therefore, the amount at the end of 3 years with 9% rate of interest will be

= 4000 + 1080

= $ 5080

Thus, Yvonne will have 5080 - 4960 = $ 120 money more in her account if the rate of interest was 1% greater.

Answer from: Quest

answer:

payment just for service

→

87.12

payment for service including tax

→

94.09

explanation:

service only with 20% tip

→

72.6

(

100

)

87.12

in the opening of the question the word 'service' is associated only with the pretax value.

the closing part of the question asks: how much did she pay for the

service

−−−−−−

so technically the answer is

→

72.6

(

100

)

87.12

however, the intention of the question provider may have been that your answer is to be

87.12

(

100

)

94.09

to 2 decimal places.

payment just for service

→

87.12

payment for service including tax

→

94.09

tony b

mar 21, 2017

answer:

trying to explain it another way

explanation:

service charge

→

72.60

20% tip

100

72.60

14.52

−−−−−−

←

add

87.12

tax

100

87.12

6.97

−−−−−

←

add

94.09

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