Financial maths Grade:10 math core?
Hi there im doing math core and financial math i find difficult could anyone help my with it please..??
Im not sure how to work this out...
If I invest R2000.00 for 3 years at a percentage rate of 5.5% Determine the accumulated..???Help..
wont you take....
R2000.00 x 5.5% = 110 then..
R110.00 x 3 = 330 then
- Anonymous8 years agoFavorite Answer
r=interest rate as a decimal
n=number of times interest is calculate/year
t=time in years
A= amount of money after t years at r interest rate calculated n times per year
Plug in our values
- 8 years ago
Is the intrest rate an anual perctent or a monthly percentage? Also, are you investing 2000.00 each year or for the whole 3 year period?
I will take it as a simple plug and chug quesiton. I think they are investion 2000.00 total and that it is an anual percent rate. In that case you can just plug in your numbers.
This gives you A3=2348.48
If you just used the simplified equation that you gave in your quesiton, it wil not account for the intrest on the profit for each year. I would just do it one year at a time, this doesnt account for the intrest being compounded each month, but its better than the 2330 you get if you use the simplified equation.