Question

Mara found the length of time of an investment. the principal of the investment was $4,300, the interest rate was 6.2 percent, and the interest was $2,666. mara made an error in her work. what is the error?

Answer 1

she did not divide correctly

Answer 2

Explanation:

Since we have given that

Principle of investment= $4300

Interest rate = 6.2% p.a

So, the interest made is given by

`6.2\%\text{ of }4300\\\\=(6.2)/(100)* 4300\\\\=\$266.60`

The error was that Mara divided 6.2 by 10 instead of dividing by 100.

So, she made a mistake.

Error margin is given by

`2666-266.60\\=2399.4`