what interest rate is needed for $9,500 to earn $900 in 21 months? round to the nearest hundredth of a…

what interest rate is needed for $9,500 to earn $900 in 21 months? round to the nearest hundredth of a percent. jasmine has a glass jar in her office that she is going to use to collect coins. she starts by putting in $15.25 in coins she already has. she pays for her commute to work each day and receives $0.55 in change. she will add the $0.55 into the glass jar each workday. after a year she will take all the change and deposit it into the bank. how much will she have after a year? (note: jasmine only works monday - friday)

what interest rate is needed for $9,500 to earn $900 in 21 months? round to the nearest hundredth of a percent. jasmine has a glass jar in her office that she is going to use to collect coins. she starts by putting in $15.25 in coins she already has. she pays for her commute to work each day and receives $0.55 in change. she will add the $0.55 into the glass jar each workday. after a year she will take all the change and deposit it into the bank. how much will she have after a year? (note: jasmine only works monday - friday)

Answer

Explanation:

Step1: Calculate the number of work - days in a year

Jasmine works 5 days a week. There are approximately 52 weeks in a year, so the number of work - days $n = 5\times52=260$ days.

Step2: Calculate the total amount of change saved per day

She puts in $15.25$ in coins and adds $0.55$ in change per day. So the total amount saved per day $a=15.25 + 0.55=15.8$ dollars.

Step3: Calculate the total amount saved in a year

The total amount saved in a year $A=a\times n$. Substituting the values of $a$ and $n$, we get $A = 15.8\times260=4108$ dollars.

Answer:

$4108$