Ask Singapore Homework?
Upload a photo of a Singapore homework and someone will email you the solution for free.
Question
secondary 4 | E Maths
One Answer Below
Anyone can contribute an answer, even non-tutors.
Help me!!!
Date Posted: 1 year ago
Views: 193
See 1 Answer
done
{{ upvoteCount }} Upvotes
clear
{{ downvoteCount * -1 }} Downvotes
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
360 Tutoring Program