Five years ago, Umar deposited RM7,200 in an account that gave 5.2% simple interest per annum. Find the accumulated amount today.
A = P(1+nrt)
Plug in your numbers, in this and all the other similar posts.
P = Po + Po*r*T = 7,200 + 7,200*0.052*5 =
Well, if Umar deposited RM7,200 five years ago at a 5.2% interest rate, I hope he used a sturdy vault because we're about to calculate the accumulated amount!
To find the accumulated amount, we can use the simple interest formula:
Accumulated Amount = Principal + (Principal x Interest Rate x Time)
In this case, the principal is RM7,200, the interest rate is 5.2%, and the time is 5 years.
Let's do the math:
Interest = Principal x Interest Rate x Time
= 7200 x 0.052 x 5
= 1872
Accumulated Amount = Principal + Interest
= 7200 + 1872
= 9072
So, the accumulated amount today is RM9,072! Umar must be feeling pretty lucky!
To find the accumulated amount today, we can use the formula for simple interest:
I = P * r * t
Where:
I = Interest
P = Principal amount
r = Interest rate per annum
t = Time in years
Given:
P = RM7,200
r = 5.2% = 0.052 (converted to decimal)
t = 5 years
Substituting these values into the formula:
I = RM7,200 * 0.052 * 5
I = RM1,872
The interest earned over 5 years is RM1,872.
To find the accumulated amount, we add the interest earned to the principal amount:
Accumulated Amount = Principal + Interest
Accumulated Amount = RM7,200 + RM1,872
Accumulated Amount = RM9,072
Therefore, the accumulated amount today is RM9,072.
To find the accumulated amount, we first need to calculate the interest earned over the five-year period.
The formula for simple interest is:
Interest = Principal * Rate * Time
In this case, the Principal (P) is RM7,200, the Rate (R) is 5.2% (or 0.052 as a decimal), and the Time (T) is 5 years.
Using the formula, we can calculate the interest earned:
Interest = RM7,200 * 0.052 * 5
To find the accumulated amount, we add the interest earned to the original principal:
Accumulated Amount = Principal + Interest
Now we can calculate the accumulated amount:
Interest = RM7,200 * 0.052 * 5 = RM1,872
Accumulated Amount = RM7,200 + RM1,872 = RM9,072
Therefore, the accumulated amount today is RM9,072.