Discover the answers you need at Westonci.ca, a dynamic Q&A platform where knowledge is shared freely by a community of experts. Experience the ease of finding reliable answers to your questions from a vast community of knowledgeable experts. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.
Sagot :
after 1 year , the balance of Theodoro's account
After 3 years the balance a
Explanation
Simple interest is a quick and easy method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.
[tex]I=p\cdot r\cdot t[/tex]where I is the interes monye created,P is the starting amount of money and t is the time
then,
Let
after one year
t=1
r=3.6%=0.036
P=2500
Now, replace
[tex]\begin{gathered} I=p\cdot r\cdot t \\ I=2500\cdot0.036\cdot1 \\ I=90 \end{gathered}[/tex]so, after 1 year he has 90 of interest, so the total is
[tex]\begin{gathered} for\text{year}1=2500+90=2590 \\ \end{gathered}[/tex]so
after 1 year , the balance of Theodoro's account
Step 2
for year 2
let t= 2
replace
[tex]\begin{gathered} I=p\cdot r\cdot t \\ I=2500\cdot0.036\cdot2 \\ I=180 \end{gathered}[/tex]so, for year 2, the total is
[tex]\begin{gathered} \text{for year 2} \\ \text{account balance=2500+180} \\ \text{account balance=2680} \end{gathered}[/tex]and so on
Now, for year 3
[tex]\begin{gathered} \text{for year 3} \\ let\text{ t=3} \\ I=p\cdot r\cdot t \\ I=2500\cdot0.036\cdot3 \\ I=270 \end{gathered}[/tex]so, for year 3
[tex]\text{account balance=2500+270=2770}[/tex]
Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.