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Sagot :
Using simple interest, it is found that Mikos has to pay it back on September 13 of the same year.
Simple Interest
Simple interest is used when there is a single compounding per time period.
The amount of money after t years in is modeled by:
[tex]A(t) = A(0)(1 + rt)[/tex]
In which:
- A(0) is the initial amount.
- r is the interest rate, as a decimal.
In this problem:
- The initial amount is of A(0) = 100000.
- The interest rate is of r = 0.105.
- The maturity value is of A(t) = 104375.
Hence, we have to solve for t, then:
[tex]A(t) = A(0)(1 + rt)[/tex]
[tex]104375 = 100000(1 + 0.105t)[/tex]
[tex]1 + 0.105t = \frac{104375}{100000}[/tex]
[tex]1 + 0.105t = 1.04375[/tex]
[tex]0.105t = 0.04375[/tex]
[tex]t = \frac{0.04375}{0.105}[/tex]
[tex]t = 0.4166[/tex]
This is the time in years, hence in days:
0.4166 x 365 = 152 days after April 14, thus on September 13.
To learn more about simple interest, you can take a look at https://brainly.com/question/25296782
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