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what is the rate of this if the simple interest is 4860 and principal is 36000 and the time is 1.5

 Feb 8, 2022
 #1
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The formula for compound interest is \(A = P(1 + {r\over n})^{nt}\), where A is the end goal amount, P is the principal, r is the interest rate, n is the number of times applied, and t is the time.

 

So plugging in the values:

\(A = 36000(1 + 4860)^{1.5}\)

 

Well, I have to admit, but you'll get a lot of money. A = 12200873726 (what that's like $12.2b)

 

cool

 Feb 8, 2022
 #2
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Remember, it is "simple interest rate" he/she is looking for ! The formula you used is for "compound interest"

 

[36,000  x  1.5 years  x  R (simple interest rate)] ==4,860

 

[54,000R] ==4,860, solve for R

 

R ==4,860 /54,000==0.09  x  100 ==9% simple interest rate

 Feb 8, 2022

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