Question
4.the amount in an account which was opened 180 days ago is RM205. iF the account was offered a simple interest of 5 percent per annum, find the original principal.
5.how long does it take a sum of money to double itself in four years ?
5.how long does it take a sum of money to double itself in four years ?
Answers
#4. in half a year, it grew by half of 5%, so it started out as
205.00/1.025 = 200.00
#5. Ummm, four years?
205.00/1.025 = 200.00
#5. Ummm, four years?
#5.how long does it take a sum of money to double itself at a simple interest rate of 6 percent annum ?
well, what's 1/.06 ?
no, 1/.06 is not 6%
1/.06 = 16.66 is the number of years it takes to double the money.
every year adds 6% after 16.66 years, 100% has been added. The money has doubled.
1/.06 = 16.66 is the number of years it takes to double the money.
every year adds 6% after 16.66 years, 100% has been added. The money has doubled.
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