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11 Oct 2024, 01:45
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D
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Difficulty:
5%
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Question Stats:
91% (01:01) correct
9%
(01:07)
wrong
based on 143
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Johnny borrows $30,000 from Tony at 2% daily interest compounded daily. How much does Johnny owe Tony after 8 weeks?
A. \(30000*0.02^{56}\)
B. \(30000*1.12\)
C. \(30000*2.12\)
D. \(30000*1.02^{56}\)
E. \((30000*1.02)^{56}\)
A. \(30000*0.02^{56}\)
B. \(30000*1.12\)
C. \(30000*2.12\)
D. \(30000*1.02^{56}\)
E. \((30000*1.02)^{56}\)
11 Oct 2024, 06:26
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I think the trick here is to observe that the 2% interest rate is daily not yearly interest rate
so the amount owed to Tony after 8 weeks is : 30 000(1+0,02)^(8*7) = 30 000*(1,02)^56
Answer D
so the amount owed to Tony after 8 weeks is : 30 000(1+0,02)^(8*7) = 30 000*(1,02)^56
Answer D
11 Oct 2024, 07:16
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Interest is compounded daily, so 8 weeks= 8*7=56 days
Johnny owes= 30,000(1+0.02)^56= 30,000(1.02)^56
Answer: D
Posted from my mobile device
Johnny owes= 30,000(1+0.02)^56= 30,000(1.02)^56
Answer: D
Posted from my mobile device
