Question

I need a little help with this one i keep trying to solve it as these steps and I don't know what I am doing wrong

The first step 28,695 times (1.0914)^11

then with that answer, I will do ( the total ans from the first step = to (51763+(51763 times the years 3 ) (Second step ) and then I will divide the total from the ans from the first step and divided to the second step. Please let me know if this is right or no

4 year(s) ago, Isaac invested 28,695 dollars. He has earned and will earn 9.14 percent per year in compound interest. If Trang invests 51,763 dollars in 3 year(s) from today and earns simple interest, then how much simple interest per year must Trang earn to have the same amount of money in 7 years from today as Isaac will have in 7 years from today? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098.

Answer 1

Here Firstly we need to calculate the Future Value of Isaac → Present value (Pv) - $ 28,695 Number of years (n) = 7+4 = 11 years (i) Compound Interest: 9.144% 0% 0.6914 Frain = PV Cltijn = 28,695 (1+0.0114)" = 28,695 (2,6171) Frew = 75,098$ Here, we need to calculate at what simple interest gate Trang has to eaon to Equal the amount of Isaac in tyears time. (Including Principal Amount For This - Interest ] - Total Amount - Principal Amount of Interest 75,098 = 51,763+ [Px8xn] 75,0982 51,763 +51,763x8x 7] 75098~51,763 = 3.62.341 8 Continued

- 8 75,098 -51,763 3,60. 341 23,335 8 3,62.341 Tr=0.0644 or bitholo) So, simple interest to be earned by Mr. Trang = 6664ч | Gци: 1. Оск Чеса Not (Formula) Interest | Simple Juterest = pyrxn P (poincipal Amount) = 51,763 r = rate of interest - ? na no of period, = 7 years