# Maths

Mrs jasmine Invested \$4000 in a building society which paid simple interest at a rate of 7.25% per annum to its investors. After 2 years, the rate was increased to 7.6% per annum. Find the amount she had T the end of 7 years

1. 👍
2. 👎
3. 👁
1. Do the first 2 years at the regular amount then ADD it to the final five years at the new amount. Both parts using the simple interest equation.

1. 👍
2. 👎
2. P1 = Po + Po*r*t = 4000 + 4000*0.0725*2 = \$4580 After 2 yrs.

P = Po + Po*r*t = 4580 + 4580*0.076*5 = Amt. after 7 yrs.

After 2 years, the account becomes a new account with an initial investment of \$4580 for 5 years.

1. 👍
2. 👎
3. 6320.4

1. 👍
2. 👎
4. 6100

1. 👍
2. 👎
5. Interest before the rate was changed=4000x7.25x2/100
=\$580
Interest after the rate was changed=4000x7.6x5/100
=\$1520
Total Interest=\$1520+\$580
=\$2100
Total money Mrs. Jasmine has after 7 years=\$4000+\$1520
=\$6100

1. 👍
2. 👎
6. The above question I answered had a typing mistake. The total money Mrs. Jasmine has after 7 years is=\$4000+\$2100
=\$6100

1. 👍
2. 👎

## Similar Questions

1. ### algebra

Dilbert invests a total of \$14,000 in two accounts paying 9% and 15% simple interest, respectively. How much was invested in each account if, after one year, the total interest was \$1,350.00. A) Enter an equation that uses the

2. ### algebra

A total of \$12,000 is invested in two funds paying 9% and 11% simple interest. If the yearly interest is \$1,180, how much of the \$12,000 is invested at each rate? We have two unknowns: the amount of money invested at 9% and the

3. ### algebra

Last year, Susan had 30,000 to invest. She invested some of it in an account that paid 8% simple interest per year, and she invested the rest in an account that paid 7% simple interest per year. After one year, she received a

4. ### Percentage change

Ethan invested £500 in the bank for 2 years. He earned £40 simple interest in total. What was the simple interest rate per annum?

1. ### Simple Interest

Last year, Ivan had \$20,000 to invest. He invested some of it in an acount that paid 9% simple interest per year, and he invested the rest in an account that paid 7% simple interest per year. After one year, he received a total of

2. ### Algebra

Katie invested a total of \$7,000, part at 2% simple interest, and part at 3% simple interest. At the end of 1 year, the investments earned, \$184.00 interest. How much was invested at each rate?

3. ### math

Katie invested a total of ​\$6000 ​, part at 3 ​% simple interest and part at 4 ​% simple interest. At the end of 1​ year, the investments had earned ​\$214 interest. How much was invested at each​ rate?

4. ### algebra

Suppose that \$4000 is invested at an interest rate of 5.5% per year, compounded continuously. What is the balance after 8 years?

1. ### Finance

Find the future value of \$10,000 invested now after five years if the annual interest rate is 8 percent. a. What would be the future value if the interest rate is a simple interest rate? b. What would be the future value if the

2. ### simple interest

A total of \$8000 is deposited into two simple interest accounts. On one account, the annual interest rate is 10%, while on the second account the annual simple interest rate is 12%. How much should be invested in the 10% account

3. ### Algebra

Last year, Deon had \$10,000 to invest. He invested some of it in an account that paid 6%simple interest per year, and he invested the rest in an account that paid 9% simple interest per year. After one year, he received a total of

4. ### Math Personal Finance

Assume a 30-month CD purchased for \$4000 pays simple interest at an annual rate of 5.5%. How much total interest does it earn? What is the balance at maturity?