Find the amount received using Bankers Rule if RM10000 was invested at 3.5% simple interest rate for 150 days.

Answer 1

To calculate the amount received using Banker's Rule, we need to use the formula:

A = P(1 + (R/100)(T/360))

Where:
A = Amount received
P = Principal amount (RM10000)
R = Rate of interest (3.5%)
T = Time in days (150)

Let's substitute the values into the formula:

A = 10000(1 + (3.5/100)(150/360))
A = 10000(1 + (0.035)(0.4167))
A = 10000(1 + 0.01458)
A = 10000(1.01458)
A = 10145.8

Therefore, the amount received using Banker's Rule would be RM10145.8.