Question #8994e
3 Answers
Explanation:
This can be solved using the formula:
where:
Plug in data provided to find the Interest
Thus, the interest
If the interest rate is increased by 3.75% after the first year; the Interest
Thus, the total Interest earned before and after the increase can be computed as shown;
Therefore, an increase of the Interest earned is
(a) Interest earned after 3 years @ 3.5% Interest =
(b) Increase in Interest due to rise in interest to 3.75% after one year =
Explanation:
Where I = Simple Interest earned, P = Principal, N = No. of years & R = Rate of Interest in percentage.
(a) Given
(b) New Rate of Interest
Interest earned
Old rate of interest
Total Interest = 48.75 + 22.75 = K 71.5#
Increase in interest with the revised interest rate after 1 year
Explanation:
The symbol % cab be thought of as representing a fraction but one that is worth
A direct comparison is the the metric measure of centimetres. The part word centi signifies
It is usual to translate the word of (as in
The wording 'per anum'
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Interest starts at
1 year at
2 years at
So the increase in interest is: