Question

An amount of ₱1,000,000 is invested in a financial institution
How long will it take for the amount to reach ₱1,001,000 at 2% simple interest?

Answer 1

Step-by-step explanation:

Based on the given condition, Formulate:

1000000×(1+2%×x)=1001000

Apply Multiplicative Distribution Law:

1000000+20000x=1001000

Rearrange unknown terms to the left side of the equation:

20000x=1001000-1000000

Calculate the sum or difference:20000x = 1000

Divide both sides of the equation by the coefficient of variable:

x = 1000/20000

Cross out the common factor: x = 1/20

Answer: x = 1/20

Answer 2

Answer:1/20 years take for the amount to reach ₱1,001,000 at 2% simple interest.

Step-by-step explanation:

Given Amount = 1001000,

principal amount = 1,000,000

SI= Total amount - principal amount

 = 1,001,000-1,000,000=1000

We know that

SI = P×R×T/100    

1000= (1,000, 000×2×T)/100

1000=10000×2×T

T=  1000/(10000×2)=1/20 = 0.05 year

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