how can your find the maturity value after t years or the balance at the end of year in an account that uses simple interest?
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Given : maturity value after t years or the balance at the end of year in an account that uses simple interest
To Find : How
Solution:
Let say Amount = P
Rate of Interest = R % per annum
Time = T year
SI = P * R * T /100
Balance at the end of t year = P + SI
= P + P * R * T /100
= P ( 1 + RT/100)
maturity value after t years or the balance at the end of T years = P ( 1 + RT/100)
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