It is not a school problem :) It goes as:
John earns 15% for 8 days. He can invest money (any amount) so how much will he earn every day if he invests $40.
Thanks!
Karl
2006-09-29 03:14:33 · 9 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
This problem is missing some information. How long is he going to invest $40? For 8 days?
2006-09-29 03:16:28 · answer #1 · answered by Jimmy Crack Corn 2 · 0⤊ 1⤋
This sort of calculation relates to what I do for a living, so I can help you.
However, you need to clarify the question.
"earns 15% for 8 days" - Does this mean that the invested funds earn 15% INTEREST? and is it 15% per YEAR (the usual way we measure interest)? and if it's per year, is it SIMPLE interest, or COMPOUND interest? or does the money earn 15% interest in 8 days (which would be a LOT in such a short period)? or does the money earn 15% EACH DAY for 8 days? Or are we talking about something other than interest? Please clarify.
And are you trying to find out how much is earned on EACH of the 8 days? (If we're talking about simple interest, the answer will be the same for each day, but if it's compound interest, the answer will be slightly different each day (perhaps the difference will be less than one cent).
Thanks for the clarification.
2006-09-29 10:23:03 · answer #2 · answered by actuator 5 · 0⤊ 1⤋
It's a little unclear. Does he earn 15% in 8 days, or is it a daily or annual interest rate of 15%? And is it compounded? I'm going to assume he earns the 15% for 8 days, but without being compounded before the end of that time. That means in 8 days, he earns .15 * $40 = $6. If he earns $6 in 8 days, he earns $6 / 8 = $0.75 or 75 cents a day. If it is compounded each day, you need to take 15% / 8 = 1.875% for the daily interest rate, and add each day's interest before calculating the following day's.
2006-09-29 10:19:38 · answer #3 · answered by DavidK93 7 · 0⤊ 1⤋
Hi Karl.
John earns 15% for 8 days....
So, if he invests $40 for 8 days, he will earn....
15% of 40, that is $6
Therefore, in one day, he will earn 1/8 of $6, that is....
$0.75
Hope that helps.
2006-09-29 10:19:51 · answer #4 · answered by Anurag S 2 · 2⤊ 0⤋
IF HE EARNS 15% FOR 8 DAYS SO FIRST FIND HOW MUCH HE INVEST IN 8 DAYS I.E. 8 x $40 =$320 SO 15% OF THAT WILL BE $48 FOR 8 DAYS SO FOR 1 DAY =48/ 8 COMES OUT TO BE $6 PER DAY
ANSWER IS $6 I THINK SO.....
2006-09-29 10:21:14 · answer #5 · answered by NASHI 2 · 0⤊ 1⤋
Assume that the 15% is an annual percentage.
Annual earning is .15($40) = $6
Daily earning is $6/365 = $.016438356
2006-09-29 10:29:18 · answer #6 · answered by kindricko 7 · 0⤊ 1⤋
$6 a day
2006-09-29 10:29:02 · answer #7 · answered by Prox 1 · 0⤊ 1⤋
I agree with Jimmy Crack Corn. Some information is missing?
2006-09-29 10:19:10 · answer #8 · answered by b0b0link 2 · 0⤊ 1⤋
LET HIM EARN ....WATS UR PROB
2006-09-29 10:18:21 · answer #9 · answered by munis 1 · 0⤊ 1⤋