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1 answer:
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Answer: He is not correct.
Steps:
Let x1 and x2 be the first and second number, respectively.
In words, if the second is 125%, or 5/4 of the first number (first equation),
then the first is 4/5 of the second, which is 0.8 or 80%.
It takes 3 years for the balance of account to be $ 221
<em><u>Solution:</u></em>
From given information,
Principal = $ 200
Rate of interest = 3.5 %
Amount after "n" years = $ 221
To find: number of years
In simple Interest,
Simple interest = amount earned - principal
Simple interest = 221 - 200 = 21
Thus simple interest earned is $ 21
<em><u>The formula for simple interest is given as:</u></em>
Where,
p is the principal
n is the number of years
r is the rate of interest per annum
Substituting the given values in formula,
Thus it takes 3 years for the balance of account to be $ 221