What ia the rate of intrest of compound interest of 6 months on 1750 ?
Answers
Answered by
1
U can do it with the help of this sum.
Problem
You deposit some money into a bank account paying 4% simple interest per year. You received $72 in interest after 3 years. How much the deposit (principal) was?
Result
The principal was $600.
Explanation
Find principal 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 example I = $72, i = 4% and t = 3 years, so
IPPP=P⋅i⋅t=Ii⋅t=720.04⋅3=600
Problem
You deposit some money into a bank account paying 4% simple interest per year. You received $72 in interest after 3 years. How much the deposit (principal) was?
Result
The principal was $600.
Explanation
Find principal 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 example I = $72, i = 4% and t = 3 years, so
IPPP=P⋅i⋅t=Ii⋅t=720.04⋅3=600
Similar questions