Find the Value of X in the Following Equation $\frac { X } { 4 } = \frac { 3 } { 24 }$

question 3

Essay

Find the value of X in the following equation. $\frac { X } { 4 } = \frac { 3 } { 24 }$

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Definitions:

Inflation Rate

The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.

Annual Rate

The interest rate for a whole year, as opposed to just a monthly fee/rate or other rate expressed for a different period.

Effective Interest Rate

The equivalent annually compounded rate of interest.

Lump Sum

A single payment made at a particular time, as opposed to a series of payments made over time.