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secondary 3 | E Maths
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i need help pls
Date Posted: 3 years ago
Views: 188
Q3a
Principal sum: $2500
Compounding frequency: Half-yearly
Interest rate per half year: 1.4%
Number of half-years in 4 years: 8
Final sum of money at the end of 4 years
= 2500 (1 + 1.4%)^8
= $2794.110959
~ $2794.10 (to nearest 10 cents)
Q3b
Interest earned: $337.50
Principal sum: $2500
Interest rate per year: 3%
Using the formula I = PRT,
337.50 = (2500) (3/100) (T)
337.50 = 75T
75T = 337.50
T = 4.5
So, it will take 4.5 years (4 years 6 months) to earn the simple interest of $337.50.
Principal sum: $2500
Compounding frequency: Half-yearly
Interest rate per half year: 1.4%
Number of half-years in 4 years: 8
Final sum of money at the end of 4 years
= 2500 (1 + 1.4%)^8
= $2794.110959
~ $2794.10 (to nearest 10 cents)
Q3b
Interest earned: $337.50
Principal sum: $2500
Interest rate per year: 3%
Using the formula I = PRT,
337.50 = (2500) (3/100) (T)
337.50 = 75T
75T = 337.50
T = 4.5
So, it will take 4.5 years (4 years 6 months) to earn the simple interest of $337.50.
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Date Posted:
3 years ago
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