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At what rate of interest must a principal of $1545 be invested to earn interest of $58
At what rate of interest must a principal of $1545 be invested to earn interest of $58.93 in 150 days?
(Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
What principal will earn S38.57 interest from December 29, 2017, to January 18, 2018, at 8.5%? (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Expert Solution
Computation of the required interest rate:-
Interest = Principal * Rate * Time
$58.93 = $1,545 * Rate * 150 / 365
Rate = $58.93 * 365 / ($1,545 * 150)
= 0.025428% * 365
= 9.28%
Computation of the amount of principal:-
Number of days = Dec 29, 2017 to Jan 18, 2018 = 20 days
Interest = Principal * Rate * Time
$38.57 = Principal * 8.5% * 20 / 365
Principal = $38.57 * 365 / (8.5% * 20)
= $22.688235 * 365
= $8,281.21
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