Question

1. On 4 June 2010, John saved 2,000 in an account that offered simple interest
rate 10% per annum.Find the amount in the account on 1 December 2010 using
exact time and exact simple interest.(2098.63)

2. A sum of money was deposited on 2 January 2007 in an investment fund which
offered 10% simple interest. On 30 June 2007, 12499 was withdrawn from the
fund. Find the initial deposit using Banker's rule.(11906.96)

3. Four years ago, X was invested at a simple interest rate of 5% per annum.
Today 2540 is withdrawn and the balance in the account is 2600. Calculate
the value of X.(4283.33)

4. On 23 May 2009 James took a loan of 3500 from a local bank that charged r
％ simple interest.Using the Banker's Rule, he settled the loan in 120 days at a
total of 3900.Find:
a) the date he settled his loan.(20m September 2009)
b) the interest rate r.(34.29%)​

Answer 1

Step-by-step explanation:

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