Answered: If you want to earn 2% annual simple…

If you want to earn 2% annual simple interest on an investment, how much should you pay for a note that will be worth $15,500 in 10 months? (Round your answer to two decimal places.)

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 6RE: Hsu-Mei wants to save 5,000 for a down paymenton a car. To the nearest dollar, how much will sheneed...

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Question

If you want to earn 2% annual simple interest on an investment, how much should you pay for a note that will be worth $15,500 in 10 months? (Round your answer to two decimal places.)

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