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VCE Stuff => VCE Mathematics => VCE Mathematics/Science/Technology => VCE Subjects + Help => VCE General & Further Mathematics => Topic started by: aspirin_ash7 on October 17, 2011, 08:16:29 pm

Title: Business Maths Question
Post by: aspirin_ash7 on October 17, 2011, 08:16:29 pm

Okay guys, well im posting another question on this.. cause i totally suck...

Over a period of five years an investment earned 1070.25 at a simple interest rate of 5.45% per annum. What was the original amount deposited?

A reply would be great with any working out to help me !

thanks in advance!!

Title: Re: Business Maths Question
Post by: MicroShift on October 17, 2011, 09:03:00 pm

I don't know LaTeX so you'll have to excuse the poor laying out.

Since I = PrT / 100, P = 100*I / rT
P = (100*1070.25) / (5.45*5)
   = 107025 / 27.25
P = $3927.52 rounded to 2 decimal places, obviously)

So initial investment was $3927.52.

Title: Re: Business Maths Question
Post by: aspirin_ash7 on October 17, 2011, 09:26:48 pm

thanks a million! perfect 8)