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secondary 4 | E Maths
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Date Posted: 1 year ago
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To find the value of x, the interest rate, we can use the formula for compound interest:
Final Amount = Principal * (1 + (Rate/100))^Time
In this case, the final amount is $11,000, the principal is $10,000, and the time is 5 years. We need to solve for the rate, denoted as x.
$11,000 = $10,000 * (1 + (x/100))^5
Dividing both sides by $10,000:
1.1 = (1 + (x/100))^5
Taking the fifth root of both sides:
1.1^(1/5) = 1 + (x/100)
Subtracting 1 from both sides:
1.1^(1/5) - 1 = x/100
Multiplying both sides by 100:
100 * (1.1^(1/5) - 1) = x
Using a calculator:
100 * (1.1^(1/5) - 1) ≈ 4.14
Therefore, the value of x, the interest rate, is approximately 4.14%.
Final Amount = Principal * (1 + (Rate/100))^Time
In this case, the final amount is $11,000, the principal is $10,000, and the time is 5 years. We need to solve for the rate, denoted as x.
$11,000 = $10,000 * (1 + (x/100))^5
Dividing both sides by $10,000:
1.1 = (1 + (x/100))^5
Taking the fifth root of both sides:
1.1^(1/5) = 1 + (x/100)
Subtracting 1 from both sides:
1.1^(1/5) - 1 = x/100
Multiplying both sides by 100:
100 * (1.1^(1/5) - 1) = x
Using a calculator:
100 * (1.1^(1/5) - 1) ≈ 4.14
Therefore, the value of x, the interest rate, is approximately 4.14%.
Date Posted:
1 year ago
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