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SIMPLE INTEREST (PLS CORRECT MY ANSWER)

by Sylvia Andrew
(Kota Kinabalu)











































Two years after the fist deposit, Amni's account had earned RM755.35 simple interest at a rate of 8.5% per annum. What is the accumulated amount if she leaves the money in the account for 5 more years?

my solution as follow

1)I=prt
755.35 = P x 0.085 x 2
755.35/0.17 = P
P = 4443.24

2)S = P(1+rt)
s = 4443.24 (1 + 0.085 x 5)
s = 4443.24 (1.425)
s = 6331.62

so the accumulated amount for 5 years = RM6331.62
pls correct if i'm doing wrong..Tks

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Jul 25, 2011
Simple Interest
by: Staff


The question:

by Sylvia Andrew
(Kota Kinabalu)


Two years after the fist deposit, Amni's account had earned RM755.35 simple interest at a rate of 8.5% per annum. What is the accumulated amount if she leaves the money in the account for 5 more years?

my solution as follow

1)I=prt
755.35 = P x 0.085 x 2
755.35/0.17 = P
P = 4443.24

2)S = P(1+rt)
s = 4443.24 (1 + 0.085 x 5)
s = 4443.24 (1.425)
s = 6331.62

so the accumulated amount for 5 years = RM6331.62
pls correct if i'm doing wrong..Tks


The answer:

Your answers are correct. They are based on simple interest.

However, remember that in the real world the interest will be compounded.



Thanks for writing.

Staff
www.solving-math-problems.com



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