a)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?
b)How many days would it take for Ms. Tuba’s investment of $6700 to earn in interest is she is able to earn a rate of 1.5%?
Ans a) Interest = principal * interest rate * days/365
Interest = $131.51
principal = $8000
days =60
put all this value in equations
131.51 = 8000 * interest rate * 60/365
interest rate = 131.51/8000 * 365/60
= 10%
Ans b) Since how much interest she will earn is not given in question I am taking question a interest for the calculation i.e., 131.51.
interest = principal * interest rate * number of days/365
131.51 = 6700 * .015 * number of days/365
number of days= 131.51 * 365 /(6700 * .015)
= 478 days
a)What rate of interest did Kentaro Sakaguchi receive over a period of 60 days if he...
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