00:01
Hey guys, in this question what to calculate the amount of money you'll have.
00:05
At the end of 3 years, 30 years, if you invested in an account that pays a simple interest, so simple interest of 3 % per year.
00:21
So simple interest is given by equation, simple interest is principal, okay, times at the time, times the rate.
00:43
And this rate, i just want to write it in another r.
00:47
This rate here is given as a ratio, like a ratio, right? percentage ratio.
01:04
And so what does that mean? well, if i have 3%, as in this question, then that rate, so i can just start writing out the things that we have here.
01:18
So the rate here is 3%.
01:20
And 30 % is just 3 over 100, correct? the principal here, well, striking the principal, principal, the principal, the principal in the school, the principal in the first or not money, you put it, it's going to be a thousand dollars.
01:46
So you have the rate, you have the principal, so principal, and a time would be in years.
01:56
So let me just write that certain form.
02:03
So this is going to be 30 years.
02:07
Okay, so simple interest is going to be the principal times the time times the rate.
02:11
And the rate is going to be the ratio, percentage ratio.
02:20
So let's proceed.
02:21
Well, another way to remember this formula equation would be pdr or p rt divided by 100.
02:29
That's another way to remember it, okay? where now the rate which is given by that percentage of the graph.
02:37
So, well, this is going to be a principal.
02:40
The principle is a thousand...