help please
and explian
and explian
help please
and explian
Hello,
a) You have to know : Amount = Principal + interest
Therefore :
Amount : \(4000 + 960 = 4960\)
b) You have to learn this by heart too , the formula for rate
R = \(\frac{100*I}{PT}\)
Therefore :
\(R= \frac{100*960}{4000*3}\)
\(R = 8\)
The answer would be 8% per annum.
c) If the rate was 1% more, it would give R = 8 + 1 = 9% per annum.
Afterwards, the formula for Interest is : \(I = \frac{PRT}{100}\)
Therefore :
\(Interest = \frac{4000*9*3}{100} = 1080\) $
So in her account, if the interest was 1% greater, the amount in her account would have been :
$4000 + $1080 = $5080.
That gives $5080 - $4960 = $120 more dollars in her account if the interest rate were 1% greater.
You won't need help in this exercice anymore ! :D
Hope this helps !
Photon