Can you do these for me? and please show working out..
if i get working out shown then i can understand my OTHER questions..
i know the formula but im just confused in this..
1) Find the simple interest rate for a sum to three times itself in 10 years time.
2) In how many years will a sum of money double itself at 12%p.a. simple interest?
3) Jane puts $2500 on August 4, 1981 in a saving bank. If the rate of simple interest is 12.5% p.a. What will be the amount on June 28, 1983??
4) Divide $5000 into 2 parts such that the simple interest on one part at 10% for 3 years, should be equal to that on the other at 12% for 2 years.
last one..
5) $100 000 is put on 28th of April in a 6 month fixed deposit account at 5% p.a and is withdrawn on 8th December in the same year. Find the total interest obtained, the overdue interest being calculated on daily basis and at 3.5% p.a.
Thanks so much.. please show working out so i know how to do the other similar questions.|||1)
Let the amount of principle be p, then the total amount at the end of 10 years is 3p. Thus the interest earned in 10 years is 3p - p = 2p.
Substituting I = 2p, P = p and T = 10 into the interest formula I = PRT, we have
2p = pR*10
Solving for R, we have
R = 2p/10p = 2/10 = 20%
2)
Let the amount invested be p, then the amount at the end is 2p. The total interest earned is 2p - p = p.
Substituting P = p, I = p and R = 12% into I = PRT, we have
p = p*12%*T
Solving for T, we have
T = p/(p*12%) = 1/(12%) = 100/12 = 8.33(years)
3) Note that T = 1.9 years approximately
I = PRT = 2500*12.5%*1.9 = 593.75
So the total amount of money on June 28, 1983 is 2500 + 593.75 = 3093.75|||I=PRT
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