Question
Find the number of days using Bankers Rule if RM990 was invested at 5% simple interest rate and received interest RM200.
a.
3 years
b.
3.5 years
c.
43 weeks
d.
no answer
e.
13 weeks
f.
1455 days
a.
3 years
b.
3.5 years
c.
43 weeks
d.
no answer
e.
13 weeks
f.
1455 days
Answers
GPT 3.5
To find the number of days using Bankers Rule, we can use the formula:
Number of Days = (Interest / (Principal * Rate)) * 365
Given that the Principal (P) is RM990, the Interest (I) is RM200, and the Rate (R) is 5%, we can substitute these values into the formula:
Number of Days = (200 / (990 * 0.05)) * 365
Simplifying the equation:
Number of Days = (200 / 49.5) * 365
Number of Days ≈ 7.07 * 365
Number of Days ≈ 2578.55
Therefore, the closest option is f. 1455 days.
Number of Days = (Interest / (Principal * Rate)) * 365
Given that the Principal (P) is RM990, the Interest (I) is RM200, and the Rate (R) is 5%, we can substitute these values into the formula:
Number of Days = (200 / (990 * 0.05)) * 365
Simplifying the equation:
Number of Days = (200 / 49.5) * 365
Number of Days ≈ 7.07 * 365
Number of Days ≈ 2578.55
Therefore, the closest option is f. 1455 days.