<span>The interest of $1,832.00 the principle of $16,000 for 206 days user the ordinary interest methods to determine the rate. I=Prt 1,832=16,000*206/360*r 1,832=9,155.555556*r r=1,832/9,155.555556 r=0.20 = 20% The rate of the interest is -----------> 20%. </span>
Answer:
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Step-by-step explanation:
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Answer:
Step-by-step explanation:
The formula for the accrued amount from compound interest is
1. Amount in account on 1 Jan 2015
(a) Data:
a = £23 517.60
r = 2.5 %
n = 1
t = 1 yr
(b) Calculations:
r = 0.025
The amount that gathered interest was £22 944.00 but, before the interest started accruing, Carol had withdrawn £1000 from the account.
She must have had £23 944 in her account on 1 Jan 2015.
(2) Amount originally invested
(a) Data
A = £23 944.00
3. Summary
1 Jan 2014 P = £23 360.00
1 Jan 2015 A = 23 944.00
Withdrawal = <u> -1 000.00
</u>
P = 22 944.00
1 Jan 2016 A = £23 517.60