what sum of money will become RM15000 in three year at a simple interest rate of 8% per annum?
x + x(.08)(3) = 15000
1.24x = 15000
x = 12096.77
A sum of money,X was deposited in a saving account at 10 percent compounded daily on 25 july 1993. on 13 august 1993, rm600 was withdrawn and the balance as on 31 december 1993 was RM 8900.calculate the value of X using exact time and 360 day year.
To calculate the sum of money that will become RM15000 in three years at a simple interest rate of 8% per annum, we can use the formula for simple interest:
Simple Interest = Principal * Rate * Time
First, we rearrange the formula to solve for the principal:
Principal = Simple Interest / (Rate * Time)
Now, let's plug in the values:
Rate = 8% = 8/100 = 0.08
Time = 3 years
Simple Interest = RM15000
Principal = 15000 / (0.08 * 3)
Principal = 15000 / 0.24
Principal = RM62500
Therefore, the sum of money needed to become RM15000 in three years at a simple interest rate of 8% per annum is RM62500.
To find the sum of money that will become RM15000 in three years at a simple interest rate of 8% per annum, we can use the formula for simple interest:
Simple Interest = Principal x Rate x Time
Rearranging the formula, we can solve for the Principal:
Principal = Simple Interest / (Rate x Time)
Let's calculate:
Rate = 8% = 0.08 (decimal form)
Time = 3 years
Simple Interest = RM15000
Principal = 15000 / (0.08 x 3)
Principal = 15000 / 0.24
Principal = RM62500
Therefore, the sum of money needed to become RM15000 in three years at a simple interest rate of 8% per annum is RM62500.