the formula A=(1 + RT/100) gives the total money A, t?
The formula A=(1 + RT/100) is used to calculate the total amount of money (A) after a certain period of time (t), where R is the rate of interest. To find the value of A, you need to know the values of R and t, and substitute them into the formula.
Here's how you can use the formula to find the value of A:
1. Determine the values of R (interest rate) and T (time period) that you have.
2. Divide the interest rate (R) by 100 to convert it to a decimal form.
3. Multiply the interest rate (R) in decimal form by the time period (T).
4. Multiply the result from step 3 by T (time period).
5. Add 1 to the result from step 4.
6. Multiply the result from step 5 by the initial amount of money to get the final amount (A).
Let's walk through an example:
Suppose you have an initial amount of $1000, an interest rate of 5% (R), and a time period of 3 years (T).
1. R = 5% and T = 3 years
2. Divide R by 100: 5/100 = 0.05
3. Multiply 0.05 by 3: 0.05 * 3 = 0.15
4. Multiply 0.15 by 3: 0.15 * 3 = 0.45
5. Add 1 to 0.45: 1 + 0.45 = 1.45
6. Multiply 1.45 by the initial amount of money: 1.45 * $1000 = $1450
So, after 3 years with an interest rate of 5%, the total amount of money would be $1450.