3. Bob the Builder wants to earn an annual rate of 10% on his investments, how much (to the
nearest cent) should he pay for a note that will be worth $3,000 in 9 months?

He should pay $2,790.7.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time, in years.

After t years, the total amount of money is:

In this question:

Rate of 10%, so I = 0.1.

9 months, so

How much should he pay for a note that will be worth $3,000 in 9 months?

We have to find P for which T = 3000. So

Then

He should pay $2,790.7.

,xzgv

step-by-step explanation:

; oqirjg'

asdasdsad

step-by-step explanation: