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help!

This topic has 3 member replies
cooljam250 Newbie | Next Rank: 10 Posts Default Avatar
Joined
16 Sep 2006
Posted:
7 messages

help!

Post Thu Jan 04, 2007 9:06 am
Elapsed Time: 00:00
  • Lap #[LAPCOUNT] ([LAPTIME])
    hey guys,

    does anyone know how to solve these two questions?

    1. The price of a left-handed widget increased 20% in 1981 and 10% in 1982. By approximately what percent would the price at the end of 1982 have to be decreased to restore the price of the widget to its pre-1981 price?

    a) 40%
    b)35%
    c)30%
    d)26%
    e)24%



    2. Particia invested a sum of money at an annual simple interest rate of 10 1/2% (10 and a half percent). AT the end of 4 years the amount invested plus interest earned was $781.00. What was the dollar amount of the original investment?

    a)$231.84
    b)$318.16
    c)$550.00
    d)$750.00
    e)$781.84


    ANS #1 = 24%

    ANS #2=$550.00


    Thank you!

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    maxim730 Senior | Next Rank: 100 Posts Default Avatar
    Joined
    26 Dec 2006
    Posted:
    76 messages
    Followed by:
    2 members
    Post Thu Jan 04, 2007 1:23 pm
    1) I just used a #

    x = 100

    1981 = 1.2(x) = 1.2(100) = $120

    1982 = 1.1(1.2x) = 1.1(120) = $132

    Pre 1981 price, i.e. to x = (132-100) / (132) = .24 = 24%

    thankont Senior | Next Rank: 100 Posts
    Joined
    15 Dec 2006
    Posted:
    41 messages
    Followed by:
    1 members
    Post Fri Jan 05, 2007 12:46 am
    careful here because they want simple interest and not compound
    original amount -->x
    simple interest after 4 yrs. -->4x(0.105) = 0.42x
    so we have after 4 yrs. --> 1.42x = 781 => x = 550

    cooljam250 Newbie | Next Rank: 10 Posts Default Avatar
    Joined
    16 Sep 2006
    Posted:
    7 messages
    Post Fri Jan 05, 2007 5:23 pm
    thanks guys, i understand it now Exclamation

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