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secondary 4 | E Maths
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Date Posted: 3 years ago
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Compounded half yearly, for 3 years: 6 times
:. Amount after 3 years
= 8000 ( 1 + 2.5/200) ^6
= $ 8619.07 (2dp)
B) simple interest formula
= 8000 (1 + 6r/100)
Equate to part (a), and solve for r (interest rate)
8619.07 = 8000 ( 1 + 6r/100)
1.0774 = 1 + 6r/100
r = 0.0774 * 100 / 6
= 1.29% (2dp)
:. Amount after 3 years
= 8000 ( 1 + 2.5/200) ^6
= $ 8619.07 (2dp)
B) simple interest formula
= 8000 (1 + 6r/100)
Equate to part (a), and solve for r (interest rate)
8619.07 = 8000 ( 1 + 6r/100)
1.0774 = 1 + 6r/100
r = 0.0774 * 100 / 6
= 1.29% (2dp)
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