A bank exchanges GBP for a commission of 1.75%. 1 British pound (GBP) buys 1.64
United States dollars (USD). You want to
convert 650 GBP into USD.
a) How much commission would you pay?
b) How much would you receive back in USD
after commission was taken out?

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

this is the formula: v = the value of investment at the end of the time period

p = the principal amount (the initial amount invested)

r = the annual interest rate

n = the annual frequency of compounding (how many times a year interest is added)

t = the number of years the money is invested

^ means raise to the power of

the answer is c. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀

the answer is b.6

step-by-step explanation: