Syairah's answer to Nacy smith's Secondary 1 Maths Singapore question.
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Hope this helps :)
Date Posted:
4 years ago
Why 1 is added to the rate of interest?
Because the amount u earn at the end (13,888 for this case) is:
Amount you deposit + the total interest you earn. You can check the answer backwards. So using my answer,
total interest = amount you deposit x interest x time = 12,400(0.02)(6) = 1,488
Thus total amount u earn = 12,400 + 1,488 = 13,888
Simple interest = X(1+rT)
If u expand the equation, it becomes X(1) + rT(X) = X + rTX
X(1) means that u earn your deposited amount which is 12,400
rTX is the total interest you earn, calculated above is 1,4888
Amount you deposit + the total interest you earn. You can check the answer backwards. So using my answer,
total interest = amount you deposit x interest x time = 12,400(0.02)(6) = 1,488
Thus total amount u earn = 12,400 + 1,488 = 13,888
Simple interest = X(1+rT)
If u expand the equation, it becomes X(1) + rT(X) = X + rTX
X(1) means that u earn your deposited amount which is 12,400
rTX is the total interest you earn, calculated above is 1,4888
Thank you so much!!!
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