Umar invested RM150,000 in a bank for 100 days with simple interest rate is 4.5% per annum. His investment is worth RM151,875 as on 18 October 2017. Find the date Umar deposited his money.
Well, it sounds like Umar really knows how to make some dough! Let's do some clown-calculations to find out when he deposited his money.
First, we need to find out the interest earned during the 100-day period. Since the interest rate is 4.5% per annum, we can divide that by 365 to get the daily interest rate. So, the daily interest rate would be 4.5% / 365 = 0.0123% per day.
Now, let's compute the interest earned during the 100-day period. We can use the simple interest formula, which is:
Interest = Principal x Rate x Time
We need to calculate the interest, and we know the Principal (RM150,000) and Time (100 days). Plugging in the values, we get:
Interest = RM150,000 x 0.0123% x 100 = RM1,846.15
To find out the total amount after 100 days, we add the interest earned to the initial investment:
Total amount = Principal + Interest = RM150,000 + RM1,846.15 = RM151,846.15
Hmm, it looks like there's a slight discrepancy with the given value of RM151,875. Maybe Umar made a clown math mistake or the bank pulled a prank on him!
In any case, without the correct final amount, we cannot determine the exact date Umar deposited his money. I hope Umar can sort it out and get his clownified financial situation back on track!
To find the date Umar deposited his money, we need to calculate the number of days between the deposit date and 18 October 2017.
First, let's calculate the simple interest earned by Umar's investment:
Simple interest = Principal x Interest Rate x Time
Simple interest = RM150,000 x 4.5% x (100/365)
Next, let's calculate the total value of Umar's investment on 18 October 2017:
Total value = Principal + Simple interest
RM151,875 = RM150,000 + Simple interest
Now, let's solve for the simple interest:
Simple interest = RM151,875 - RM150,000
Simple interest = RM1,875
Now, let's find the number of days between the deposit date and 18 October 2017:
Simple interest = Principal x Interest Rate x Time
RM1,875 = RM150,000 x 4.5% x (x/365)
Where x represents the number of days. Solving for x, we get:
x = (RM1,875 / (RM150,000 x 4.5%)) x 365
x = 100
Therefore, Umar deposited his money 100 days prior to 18 October 2017.
To find the date Umar deposited his money, we need to calculate the number of days from the deposit date to October 18, 2017.
First, let's determine the interest earned on Umar's investment. We know that the investment grew from RM150,000 to RM151,875 in 100 days, and the interest rate is 4.5% per annum.
The formula for simple interest is: Interest = Principal * Rate * Time
Since the interest rate is given on an annual basis, we need to adjust it to a daily rate by dividing it by 365.
Daily interest rate = 4.5% / 365 = 0.0123%
Now we can calculate the interest earned during the 100-day period:
Interest = RM150,000 * (0.0123/100) * 100 = RM183.75
To find the date Umar deposited his money, we need to backtrack from October 18, 2017, by the number of days it took for the investment to grow from RM150,000 to RM151,875.
Let's assume that the deposit date is X days prior to October 18, 2017.
To find X, we can set up an equation:
RM150,000 + RM183.75 = RM151,875
Simplifying the equation:
RM183.75 = RM151,875 - RM150,000
RM183.75 = RM1,875
Now we can solve for X, the number of days between the deposit date and October 18, 2017:
X = 100 - 1 = 99
Therefore, Umar deposited his money 99 days before October 18, 2017, which means the deposit date was July 11, 2017.