2 Michelle deposits P10,000 in an account that camns 8% simple interest. How long will it take for the total amount in her account to reach P12.0007 Al what simple interest rate will T5,000 amount to PO 050 in 3 years? 4. Mark invested a certain amount at 5%, simple interes per year. After 10 years, he received an interest of P50.000 How much did he invest? 5 Malt is waving for a new car He invests M70 000 into an account that pays interest compounded annually How much will he have after 5 years? 6. Karta borrowed PRO 000 in a bank at % compounded annually how much will she pay after 3 years 7 How much money would you need to deposit today at 15% annual interest compounded annually to have PI 500.000 in the account after 9 years? * Calculate the present value of T100,000 payable in 25 years at 24% interest compounded monthly 9. In order to have 12.000.000 in the bank account after 20 years. How much would a have to invest if the money will cam 8% interest compound semi-anmaally? 10. Find the future value if 750 000 is deposited in a bank at 4% interest compounded quarterly in 1 year a
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It is given that the man deposited Rs 10000 in a bank at the rate of 5% simple interest annually. Since, the simple interest is added every year, the amount in every year is a term in arithmetic progression.
Formula for Simple Interest I=
100
P⋅T⋅R
∴ Interest for each year =
100
5
×Rs 10000=Rs 500
Interest for each year is the common difference.
Formula for n
th
term in an AP t
n
=a+(n−1)d
Amount in 15
th
year =10000+14(500)
=17000
Amount after 20 years, which is amount in 21
st
year=10000+20(500)
=20000
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