Concept explainers
To calculate: The interest earned after
Answer to Problem 11CST
The bond will earn
Explanation of Solution
Given information:
The information given in the question:
Bond amount =
Annual interest rate =
Time =
Formula used:
Simple interest I is given by the formula
I=Prt
Where is the P principal, r is the annual interest rate (written as a decimal), and t is the time in years.
Calculation:
As per the problem,
Bond amount (P) =
Annual interest rate(r) =
Time (t) =
Write simple interest formula
I=Prt
Substitute
I=
Hence,
The bond will earn
Chapter 7 Solutions
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
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