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November 01, 2025, 10:28:55 am
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Author Topic: Business math. Calculating number of months/or days?  (Read 976 times)  Share 

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Keki

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Business math. Calculating number of months/or days?
« on: November 01, 2011, 01:56:14 am »
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Mikki decides to put $6000 in the bank and leave it there until it doubles. If the money is earning simple interest at a rate of 11.5% per annum, how long will this take, to the nearest month.

t = 100 x investment/ principal x annum
t = 100 x 6000 / 6000 x 11.5
t = 8.69567
Answer is 8 years and 8 months (to nearest months)

How did they get this answer?

Find the time taken for the following investments to earn the stated amounts of simple interest:
$2400 at 12$ per anum earns $175 interest

t = 175 x 100 / 2400 x 12
t = 0.60763... <-- how do I get number of days from this
answer = 222 days
« Last Edit: November 01, 2011, 11:19:50 am by Keki »
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molloyd

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Re: Business math. Calculating number of months/or days?
« Reply #1 on: November 01, 2011, 02:48:47 am »
+1
8.69 years = 8 years 8 months 0.69 x 12=8.28 remember there are 12 months in a year not 10
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iroflmfao

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Re: Business math. Calculating number of months/or days?
« Reply #2 on: November 01, 2011, 08:52:42 am »
+1
1)  i = prt/100

i=600, p = 600, r = 11.5 therefore t = 6.6956..

2) The working out is not correct. You said $12 p.a was equated to 12% p.a

t = 0.60763... <-- how do I get number of days from this
Just multiply by 365 days
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Keki

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Re: Business math. Calculating number of months/or days?
« Reply #3 on: November 01, 2011, 11:19:32 am »
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^Woops, it was 3am in the morning ~_~ was actually meant to be 6000!
Thanks molloy and iroflmfao :D
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Keki

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Re: Business math. Calculating number of months/or days?
« Reply #4 on: November 01, 2011, 12:25:13 pm »
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I'm stuck on 20B - Q21b, 22b and 23.
The local store advertises a stereo for 1095, or 100 deposit and 32 per week for two years.
a) How much does the stereo end up costing under this scheme?
100 + 32 x 104
b)What equivalent rate of simple interest is being charged over the two years?
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aspirin_ash7

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Re: Business math. Calculating number of months/or days?
« Reply #5 on: November 01, 2011, 01:09:01 pm »
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During 20C some answers are said to be wrong and is what i found out.

For Q21. B
i wrote

r=100i/Pt

i= 3428-1095=2333
2333 + 1095 = 3428
THEREFORE
100X2333/1095x2=106.53%p.a.

Thats what i figured out but the back of the book says different. I dont think im wrong cause teacher even found out there were alot of mistakes in Chapter 20 answers.
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Keki

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Re: Business math. Calculating number of months/or days?
« Reply #6 on: November 01, 2011, 01:18:34 pm »
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Thank you! Yeah, I've found a lot of wrong answers in chapter 20.. it's quite frustrating when I'm trying to cram in the chapter in 4 days before exams >_<!
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aspirin_ash7

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Re: Business math. Calculating number of months/or days?
« Reply #7 on: November 01, 2011, 09:45:55 pm »
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hah dw i feel your pain !! :(   :-[ :-[ :-[
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Keki

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Re: Business math. Calculating number of months/or days?
« Reply #8 on: November 01, 2011, 11:51:22 pm »
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Chapter question 3. Does anyone know what the actual repayment value is because $595 at 15% is an increase.. :/
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