What Rate of Interest Is Required for $940

question 52

Essay

What rate of interest is required for $940.48 to earn $42.49 interest from September 30, 2013, to March 4, 2014?

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Definitions:

Microgram

A unit of mass equal to one millionth of a gram, often used to measure very small quantities of medication.

Liter

A unit of volume equal to 1,000 milliliters or approximately 33.814 U.S. fluid ounces.

Meter

A device used to measure something, such as electricity, gas, or in the medical field, the concentration of a substance in the blood.

Milliliters

A unit of volume in the metric system, equal to one-thousandth of a liter.