got 2 questions i need help with for my math homework.

dmillionaire

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Sep 15, 2013
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been working on these questions for a while and cant seem to get them , any help would be appreciated!

1. At what rate can money be invested if $2,350 is equivalent to $2,523.88 paid 189 days later? (Do not round the intermediate calculations. Round your final answer to two decimal places.)

2.
What amount paid on September 2 is equivalent to $1000 paid on the following December 1 if money can earn 8%? (Round the answer to the nearest cent).


thank u in advanced
 
been working on these questions for a while and cant seem to get them , any help would be appreciated!

1. At what rate can money be invested if $2,350 is equivalent to $2,523.88 paid 189 days later? (Do not round the intermediate calculations. Round your final answer to two decimal places.)

2.
What amount paid on September 2 is equivalent to $1000 paid on the following December 1 if money can earn 8%? (Round the answer to the nearest cent).


thank u in advanced

Which equations did you use?

What results did you get using those equations?

Please share your work with us .

If you are stuck at the beginning tell us and we'll start with the definitions e.g. define retained earnings.

You need to read the rules of this forum. Please read the post titled "Read before Posting" at the following URL:

http://www.freemathhelp.com/forum/th...217#post322217
 
Relax...joke only.

"1. At what rate can money be invested if $2,350 is equivalent to $2,523.88 paid 189 days later?"

rate = r
2350(1 + r) = 2523.88
1 + r = 2523.88 / 2350
1 + r = 1.0739914...
r = .0739914... or ~7.4%

However, this rate is achieved over 189 days.
Can't tell what you asking; if you want the annual rate:

189 days: 2523.88 - 2350 = 173.88
1 day : 173.88 / 189 = .92
365 days (1 year) = 365 * .92 = 335.80
2350r = 335.80
r = 335.80 / 2350 = .1428936... or ~14.29%

Nice homepage! Pics a bit weird...only liked "She the one" :rolleyes:




haha thanks man!! i appreciate that, also i WAS relaxed :p
 
Well, all you get for this one is a hint:
x + y = 1000
x = amount deposited on Sep 2
y = interest at 8% paid on x, for 90 days (Sep 2 to Dec 1)
(could be for 89 days)

lol ugh, still can't get it, is the equation 1000/(1+.08)(90/365) ??
 
2.
What amount paid on September 2 is equivalent to $1000 paid on the following December 1 if money can earn 8%? (Round the answer to the nearest cent).


thank u in advanced
From Sept 2 to Dec 1 is 29+ 31= 60 days. The 8% interest, I presume is annual which, I understand, "business people" treat as 360 days. If A is the amount paid on Sept 4, the equivalent 60 days later, at 8%, would be (.08)A, the interest for one year, times 60/360= 1/60 year. Solve "amount paid plus the interest on it"= A+ (1/60)(.08)A= 1000.

(I just calculated the answer myself. Wow, this is "high finance"!)
 
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