Question

10% interest of ₹10000 for 366 days ???

Answer 1

Answer:

Step-by-step explanation:

Problem

You deposit $12000 into a bank account paying 1.5% simple interest per month. You left the money in for 210 days. Find the interest earned and the amount at the end of those 210 days?

Result

The interest is $1242.734 and the amount is $13242.734.

Explanation

STEP 1: Convert interest rate of 1.5% per month into rate per year.

rate per year = rate per month⋅12=1.5%⋅12=18%

STEP 2: Convert 210 days into years.

210 days =210365 years=0.57534 years

STEP 3: Find an interest by using the formula I=P⋅i⋅t, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

In this examplee P = $12000, i = 18% and t = 0.57534 years, so

III=P⋅i⋅t=12000⋅0.18⋅0.57534=1242.734

STEP 4: Find an amount by using the formula A=P+I.

Since P = $12000 and I = $1242.734 we have

AAA=P+I=12000+1242.734=13242.734