ATAR Notes: Forum
VCE Stuff => VCE Mathematics => VCE Mathematics/Science/Technology => VCE Subjects + Help => VCE General & Further Mathematics => Topic started by: yo091 on April 18, 2019, 06:18:07 pm
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The question is. Help please.
The amount which should be invested at 4.5% per annum simple interest, if you require $15 700 in three years’ time, is closest to
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The question is. Help please.
The amount which should be invested at 4.5% per annum simple interest, if you require $15 700 in three years’ time, is closest to
I didn't do Further Maths in VCE, so if someone could please check if my method is what is intended by the course that would be great.
Using \(F=P(1+rt)\implies P=\dfrac{F}{1+rt}\), we have \[P=\frac{\$15\,700}{1+0.045\!\times\! 3}=\$13\,832.60,\ \ \text{correct to the nearest cent.}\]
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A simple way to do this is to realise that 3 x 4.5 % = 13.5 %.
Therefore 15700 is 1.135 times the original amount.
Divide 15700 by 1.135 and you get the correct answer.
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What is this formula called?
I didn't do Further Maths in VCE, so if someone could please check if my method is what is intended by the course that would be great.
Using \(F=P(1+rt)\implies P=\dfrac{F}{1+rt}\), we have \[P=\frac{\$15\,700}{1+0.045\!\times\! 3}=\$13\,832.60,\ \ \text{correct to the nearest cent.}\]
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Also, how do i do this?
Simple interest at 12% per annum is calculated for the three years of a loan of $y. At the end of the three years the total amount owed is?