Concept explainers
After how many years will it earn $72 in interest?
Answer to Problem 7.35EP
The bond will earn $72 in interest after 9 years.
Explanation of Solution
Given:
A $400 bond earns 2% simple interest.
Concept used:
Simple interest formula:
Calculation:
Let us convert our given interest rate in decimal form as:
Upon substituting our given values in continuous formula, we will get:
Therefore,the bond will earn $72 in interest after 9 years.
Chapter CSR Solutions
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
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