This should be simple, but I'm not able to understand how they arrived at this answer. What I'm trying to figure out is, what is he actual value of 't' in this equation supposed to be? Calculating Interest
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The time is given in days, but the formula calls for years. They have converted 310 days into 310/365 years.
Originally Posted by MathVideos The time is given in days, but the formula calls for years. They have converted 310 days into 310/365 years. Ah, got it now! I knew the answer was staring me right in the face, thanks!
310 days out of 365 days is how much of the year they are saying it is
Good idea to start this type by calculating 1 day:
x = 6300 * .08/365
Then apply that to the number of actual days:
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