Asked by Halel Fleming on Apr 23, 2024
Verified
Evaluate the following to the correct cent:
$550.45(1+0.0875×195365)−$376.291+0.0875×99365\$ 550.45\left(1+0.0875 \times \frac{195}{365}\right)-\frac{\$ 376.29}{1+0.0875 \times \frac{99}{365}}$550.45(1+0.0875×365195)−1+0.0875×36599$376.29
Compound Interest
A method where interest is accrued both on the initial sum either deposited or loaned out, and also on the interest that has built up over prior periods.
Nearest Cent
Rounding an amount to the closest cent (1/100th of a currency unit) based on its decimal value.
- Assess the computations of simple and compound interest to the nearest penny.
- Compute the impact of interest rates across various durations and compounding frequencies.
Verified Answer
Learning Objectives
- Assess the computations of simple and compound interest to the nearest penny.
- Compute the impact of interest rates across various durations and compounding frequencies.
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