The formula for simple interest is P x i x n. When working with compound interest calculations you can use the formula S = P x (1 + i)n where P is the principal or original amount of money. What amount in Rand will you have in your account after 12 months if you put R5 000 in the bank at 10% simple interest per annum.
Added by Evan P.
Step 1
Let's think step by step. Show more…
Show all steps
Close
Your feedback will help us improve your experience
James Kiss and 79 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Compound interest is interest paid on both the principal and the interest earned earlier. The formula for compound interest is $$A=P(1+r)^{n}$$ where $A$ is the amount accumulated from a principal of $P$ dollars left untouched for $n$ years with an annual interest rate $r$ (expressed as a decimal). Use the preceding formula and a calculator to find A to the nearest cent. $$ P=\$ 250, r=0.04, n=5 $$
Exponents and Polynomials
The Product Rule and Power Rules for Exponents
Compound interest is interest paid on both the principal and the interest earned earlier. The formula for compound interest is $$A=P(1+r)^{n}$$ where $A$ is the amount accumulated from a principal of $P$ dollars left untouched for $n$ years with an annual interest rate $r$ (expressed as a decimal). Use the preceding formula and a calculator to find A to the nearest cent. $$ P=\$ 1500, r=0.015, n=6 $$
Compound interest is interest paid on both the principal and the interest earned earlier. The formula for compound interest is $$A=P(1+r)^{n}$$ where $A$ is the amount accumulated from a principal of $P$ dollars left untouched for $n$ years with an annual interest rate $r$ (expressed as a decimal). Use the preceding formula and a calculator to find A to the nearest cent. $$ P=\$ 2000, r=0.015, n=4 $$
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD