00:01
In the given question we are told that we have borrowed $1 ,500 at a symbol interest of 21 percentage and we have to calculate the total amount to be repaid after one year and 55 days.
00:17
So first what we could do is we can write the formula for finding the final amount when a symbol interest is applied.
00:27
So, a is equal to p times 1 plus rt gives us a, which is the final amount after the interest.
00:39
P is the initial amount over here it is the amount that is borrowed.
00:46
So it is equal to $1 ,500.
00:52
R is the annual interest rate.
00:55
Annual interest rate and it is equal to 21 percentage which we can write as 0 .21 and t over here is the time that is taken in years.
01:14
So first what we can do is the time that is given to us is one year, one year and 55 days.
01:24
Right so we have to write this in terms of years so we should use the conversion that one year is equal to 365 days right so we can write then 55 days or we can write then 5 days or we can write then one day then one day is equal to 1 by 365th of an year and from this we can write then 55 days is equal to 55 by 365th of an year and this would be equal to when we take 55 divided by 365 we get 0 .15 -0685 right so instead of writing one year and 55 we can write 1 plus 0 .150685 years.
02:31
So this is 55 days in terms of an year.
02:37
So the time would be 1 .0150 685 year...