00:01
Question with us that a loan which is the initial that is the principal is equals to six one six seven point before the loan that was taken is six seven four and it is accrued over a month of nine years and two months so the time is nine years and two months at an interest rate of 6 .7 % compounded every year.
00:42
And the question was just to find interest that is generated from this alone.
00:48
So the amount of interest as given is equals to p multiplied by the rate in decimates, raised to the power of time.
00:59
However, since the time is in nine years and months, we will divide two months.
01:04
Which is 2 upon 1 we get our value in airs and that gives us our value 1 .6 which is 9 whole 1 .6 as our time in airs and we've got the value in the decimal as 6 .7 % is converted into deciments to 0 .067 and that is all that we need to solve this question further so we have a principle of 6.
01:35
6, 7, 4, 24, multiplied by the rate in decimal 0 .0, 6, 7, ratio the power of 5, which is 9 0, 9, 1, 1, 6.
01:51
That is 55 upon 6, 55, 5 .5, 6...