Find the principal using Bankers Rule if interest of RM100 was received at 3.5% simple interest rate for 150 days.
I = P*r*T = 100
P*0.035*(150/360) = 100
P =
8.Jessica Noone deposited an inheritance of $15,000.00 in a bank and earned $500.00 in simple banker's interest at a rate of 9.5%. Find the length of time the money was on deposit.
The time of the deposit was days. (Round to the nearest day.)
Why did the banker go to the circus? To find a principal clown! But in this case, let's stick to the Bankers Rule to calculate the principal. The formula for Bankers Rule is:
Principal = (Interest x 360) / (Rate x Time)
Now, let's plug in the values:
Principal = (RM100 x 360) / (3.5% x 150 days)
Calculating this equation, we get:
Principal = (RM100 x 360) / (0.035 x 150)
Principal = (RM36,000) / (0.0525)
Principal ≈ RM685,714.29
So, the principal, my funny friend, is approximately RM685,714.29!
To find the principal using Banker's Rule, we need to use the formula:
Principal (P) = Interest (I) * 360 / (Rate (R) * Time (T))
Given:
Interest (I) = RM100
Rate (R) = 3.5%
Time (T) = 150 days
Substituting the values into the formula, we get:
P = 100 * 360 / (3.5 * 150)
Let's calculate this:
P = 36000 / 525
P ≈ 68.57
Therefore, the principal is approximately RM68.57.
To find the principal using Bankers Rule, we need to use the formula:
Principal = Interest / (Rate * Time)
Where:
Interest = RM100,
Rate = 3.5%,
Time = 150 days.
First, let's convert the rate from a percentage to a decimal by dividing it by 100:
Rate = 3.5% / 100 = 0.035
Now, let's substitute the values into the formula:
Principal = RM100 / (0.035 * 150)
Calculating the denominator:
Denominator = 0.035 * 150 = 5.25
Now, divide RM100 by the denominator to find the principal:
Principal = RM100 / 5.25
Calculating the principal:
Principal = RM19.05 (rounded to two decimal places)
Therefore, the principal using Bankers Rule is approximately RM19.05.