Question

Problem 8:

1. What rate of interest did Kentaro Sakaguchi receive over a period of 60 days if he invested $8000 and receive interest in the amount of $131.51?
2. How many days would it take for Ms. Tuba’s investment of $6700 to earn in interest is she is able t earn a rate of 1.5%?

Answer 1

Problem 8:

1. What rate of interest did Kentaro Sakaguchi receive over a period of 60 days if he invested $8000 and receive interest in the amount of $131.51?

r = Interest amount/Amount invested

r = 131.51/8,000

r = 0.01643875

r = 1.643875% for 60 days

The annual interest rate = 0.01643875 * 365/60

The annual interest rate = 0.1000023958

The annual interest rate = 10.00023958%

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