SOLUTION: Using algebraic progression:
Hanh deposited $200 into the bank on 1 January and on the first day of each of the following months. At the end of June, when the interest was calcula
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Question 1029187: Using algebraic progression:
Hanh deposited $200 into the bank on 1 January and on the first day of each of the following months. At the end of June, when the interest was calculated, he found that his account balance was $1206.30. Find the rate of simple interest paid by the bank.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Hanh deposited $200 into the bank on 1 January and on the first day of each of the following months. At the end of June, when the interest was calculated, he found that his account balance was $1206.30. Find the rate of simple interest paid by the bank.
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Jan1:: 200
Feb1:: 2(200)+200(r) = 200(2+r)
Mar1:: 3(200) + [200(2+r)]r = 200(3+(2+r)r = 200(3+2r+r^2)
etc. till you get to 1Julyl.
Then set the 1Jul result equal to 1206.30 and solve for "r"::
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Cheers,
Stan H.
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