Hi Sythe Members,
Please help me with my assignment in year 11 maths. All other questions are quite easy and I can do them without any issues. But creating two example equations for this question I'm finding it extremely difficult. Your help would be awesome!
Question II
Consider a Simple Interest investment which was able to earn the same amount of interest earned in part I above using the same original principal of $2500. Clearly describe and calculate two such possible Simple Interest investments that would satisfy this, the principal of $2500 (starting money) cannot change!
[End of Question II]
Interest made in Question I was = $547.49
Starting money in Question I was = $2500
Neither of these amounts can be changed when creating two simple interest equations. for Question II.
Conclusion; I need to find a % rate p.a. and time it took (years/months) to earn $547.49 in an simple interest account with $2500 starting money.
Formula's used to receive the following;
I = (P multiplied by R) multiplied by T divided by 100) = $
P = (100 multiplied by I) divided by (R multiplied by T) = $
R = (100 multiplied by I) divided by (P multiplied by T) = % p.a.
T = (100 multiplied by I) divided by (P multiplied by R) = Years
Definitions for the above;
I = Interest (amount bank will give/take)
P = Amount of money you start with
T = Time
R = % rate p.a.
Please help me work out two equations for question II, I'm totally stuck and lost what to even try to do. Big thanks to anyone who can help me. Please post if you need any to ask any questions. This is due tomorrow so please help!
Regards,
HardCloud
