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2 votes
A) Rate (R)
24/5
Time = 1 month
Interest = Rs. 39.96​

User Nawaz
by
7.4k points

1 Answer

2 votes

Answer: P = $ 1,998.01

Explanation:

First, converting R percent to r a decimal

r = R/100 = 24%/100 = 0.24 per year,

putting time into years for simplicity,

1 months ÷ 12 months/year = 0.083333 years,

then, solving our equation

P = 39.96 / ( 0.24 × 0.083333 ) = 1998.007992032

P = $ 1,998.01

The principal required to

accumulate interest of $ 39.96

on a rate of 24% per year for 0.083333 years (1 months) is $ 1,998.01.

User Consumer
by
6.4k points