2 years ago

Find the effective rate of interest for 1% compounded monthly.

Mathematics

1 answer:

natima [27]2 years ago

8 0

Answer:

Find the effective rate of interest for 1% compounded monthly

Step-by-step explanation:

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Juan invest $3700 in a simple interest account at a rate of 4% for 15 years

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Question:

Juan Invest $3700 In A Simple Interest Account At A Rate Of 4% For 15 Years. How Much Money Will Be In The Account After 15 Years?

Answer:

There will be $ 5920 in account after 15 years

Solution:

The simple interest is given by formula:

$S.I = \frac{p \times n \times r }{100}$

Where,

p is the principal

n is number of years

r is rate of interest

From given,

p = 3700

r = 4 %

t = 15 years

Therefore,

$S.I = \frac{3700 \times 4 \times 15 }{100}\\\\S.I = 37 \times 4 \times 15\\\\S.I = 2220$

How Much Money Will Be In The Account After 15 Years?

Total money = principal + simple interest

Total money = 3700 + 2220

Total money = 5920

Thus there will be $ 5920 in account after 15 years

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