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David deposit a sum of money in a bank at 4.5 simple interest rate for 4 years. He deposits the same sum of money in another bank at an interest rate of 8% p.a. compounded quarterly for 2 years. If the simple interest earned is $121 more than the compounded interest earned, find each sum of money David deposit.
mATHS cOMPOUND INTEREST 2
2008-03-02 12:06 am
回答 (1)
2008-03-02 3:38 am
✔ 最佳答案
let the sum of money be $xx(1+0.045x4)- x(1+0.02)8
=121
1.18x-1.1716594x = 121
x=14507.31654
收錄日期: 2021-04-13 15:13:57
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