1. $80 000 is deposited in a bank at an interest rate of5% p.a. for 10 years.
If the interest paid on the given deposit is compounded yearly, what interest rate p.a. for simple interest will yield the same amount of interest on the same amount of deposit for 10 years? ( corr the answer to 1 d.p)
Help! Simple interest and compound interest
2008-05-23 6:46 am
回答 (1)
2008-05-23 7:03 am
✔ 最佳答案
If it is compounded annually,after 10 yrs, the total sum will becomes
$80000 x (1 + 0.05)^ 10
=$130311.53
That mean interest alone is $50311.53 in 10 years.
To get the same amount for simple interest, that means each year the interest has to be $5031.15.
So $5031.15/$80000 = 6.3% (corrected to 1 dp)
收錄日期: 2021-05-03 01:43:17
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