Question #189548

On 29 March 2021, Justin deposited R3 500 into a savings account. The simple interest rate agreed upon was 7,5% per year. The accumulated amount in the savings account on 10 October 2021 is


[1] R3 640,24.

[2] R3 643,09.

[3] R3 637,88.

[4] R3 649,06.

[5] none of the above


1
Expert's answer
2021-05-17T18:52:31-0400

total days =195 days=195\space days

amount=principal×rate×time100amount=\frac{principal\times rate \times time}{100}

3500×7.5100×1953653500\times \frac{7.5}{100}\times{195}{365}

=140.24=140.24

total accumulated amount=3500+140.24=R 3640.24=3500+140.24=R\space 3640.24

hence [A] is the right answer


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