An annual interest of $786.00 is received on a savings deposit of $52,400.00. At the same rate, how much annual interest is received on a deposit of $112,000.00?
Using the formula for simple interest, I = P*r*t, where I is the interest, P is the principal (deposit), r is the interest rate, and t is the time in years.
We are given that the annual interest on a deposit of $52,400.00 is $786.00.
Thus, we have 786 = 52,400*r*t.
Solving for r*t, we have r*t = 786/52,400.
Thus, r*t = 0.015.
Now, we need to find the annual interest on a deposit of $112,000.00.
Using the same rate (r*t = 0.015), we have the annual interest as 112,000*0.015 = $<<112000*0.015=1680.00>>1680.00. Answer: \boxed{1680}.
To find out how much annual interest is received on a deposit of $112,000.00 with the same interest rate as a deposit of $52,400.00, we can use the concept of ratios.
First, let's find the interest rate for the deposit of $52,400.00.
Interest Rate = (Annual Interest / Deposit Amount) * 100
= ($786.00 / $52,400.00) * 100
≈ 1.5%
Now, we can calculate the annual interest on the deposit of $112,000.00 using the obtained interest rate.
Annual Interest = (Interest Rate / 100) * Deposit Amount
= (1.5 / 100) * $112,000.00
≈ $1,680.00
Therefore, the annual interest received on a deposit of $112,000.00 with the same interest rate is approximately $1,680.00.
To find the annual interest received on a deposit of $112,000.00 at the same rate, we can set up a proportion based on the relationship between the deposits and the interest.
Let x represent the annual interest received on a deposit of $112,000.00.
According to the given information, the interest and the deposit amount have a constant ratio. Therefore, we can set up the following proportion:
$786.00 / $52,400.00 = x / $112,000.00
To solve for x, we can cross-multiply and then divide:
($786.00) × ($112,000.00) = ($52,400.00) × x
87,792,000.00 = 52,400.00x
Dividing both sides by 52,400.00:
87,792,000.00 / 52,400.00 = x
x ≈ $1,674.87
Therefore, an annual interest of approximately $1,674.87 is received on a deposit of $112,000.00 at the same rate.