Umar invested RM X in a bank for 30 months and his investment is worth RM17,437.50. If the simple interest rate is 6.5% per annum, find the value of X.
a.
RM25,000
b.
no answer
c.
RM24,900
d.
RM25,100
e.
RM24,000
f.
RM15,000
To find the value of X, we need to calculate the simple interest earned over 30 months.
The formula for simple interest is: I = P * r * t, where I is the interest, P is the principal amount, r is the interest rate, and t is the time in years.
In this case, we are given the following information:
Interest (I) = RM17,437.50
Interest rate (r) = 6.5% per annum
Time (t) = 30 months
First, we need to convert the time from months to years. Since there are 12 months in a year, 30 months is equal to 30/12 = 2.5 years.
Now we can rearrange the formula to solve for the principal amount (P):
P = I / (r * t)
P = 17,437.50 / (0.065 * 2.5)
P = 17,437.50 / 0.1625
P ≈ 107,384.61
Therefore, the value of X is approximately RM107,384.61.
Since none of the given options match this value, the correct answer is b. no answer.