Q: What would the value of 60000 in 1850 be today?

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So with simple interest, the same amount is paid each year. F = P + i, with F is the future value, P is the Present value and i is the amount of interest.i = P * r * t, which is Present X rate X time = P * 0.048 * 10 = P * 0.48, so with F = 1850, we have:1850 = P + P*0.48 = P*1.48 --> P = 1850/1.48 = 1250

60% of 1850 = 60% * 1850 = 0.6 * 1850 = 1,110

It lies between 1848 and 1850. See if you can figure out what it is!

1850

0.0054

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