RMX invested in a bank for three years at a simple interest rate of 6% accumulates to RM10,000. Find X
To find X, we can use the simple interest formula:
I = PRT
Where:
I = Interest earned
P = Principal
R = Rate of interest
T = Time in years
In this case, I = 10,000, R = 6%, and T = 3 years. We are trying to find the principal P.
10,000 = P * 0.06 * 3
Simplifying the equation:
10,000 = 0.18P
Dividing both sides of the equation by 0.18:
P = 55,555.56
Therefore, X = RM55,555.56.