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Solve the problem. A $8920 note is signed, for 160 days, at a discount rate of 6.5 % Find the proceeds.

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mixter17

Hello!

The answer is $101688

Why?

Since there is not enough information about the rate, let's assume that it's a daily rate.

Calculations

Let's say:

P : Proceeds

o : original amount

d : number of days

r  : percentual rate

So,

[tex]P = o + o*(r*d)\\[/tex]

Let's make the percentual rate (6,5%) a real number by dividing into 100,

[tex]\frac{6,5}{100}=0,065[/tex]


By substituting, we have

[tex]P = $8920 + $8920*(0,065*160)= 8920 + 8920*10,4\\P= $8920 + $92768 = $101688[/tex]

[tex]P =[/tex] $101688

Have a nice day!

alinakincsem

Answer:

$101,688

Step-by-step explanation:

We are given that a $8920 note is signed, for 160 days, at a discount rate of 6.5% and we are to find the proceeds.

For this, we can use the following formula:

[tex]F = P (1 + rn)[/tex]

where [tex]r[/tex] is the discount rate,

[tex]n[/tex] is the number of days; and

[tex]p[/tex] is the original amount.

Substituting the given values in the formula:

[tex]F = 8920(1+0.065*160)[/tex]

F = $101,688

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