Re: Need Urgent Help

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#30

From: Sid_Moir
Date: Fri, 09 Apr 1999 00:00

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Here is a solution from Australia for you.
Use the 'compound interest formula' of A = P*(1+r/100)^n,
where A is final Amount, P is the initial Principal, r is interest rate for the
time period, n is the number of time periods.
Here let P = 1 for convenience.

So A = 1* (1+0.0165/100)^12 = 1.21699.., or 1.21699..times the initial amount,
or 0.21699..more than the original amount.
That is 21.699..%, or 21.7% to 1 decimal place.
Glad to help
Sid.

Siobhan Michaels wrote:

> Hey. i'm 15 and studying for exams at the mo. i've been doing some practice
> questions and i got stuck on this one:
> In 1997 a bank's interest charges were 1.65% per month. The interest was
> charged compound. How much is the interest rate per year (the APR)?
> The answer in the book was 21.7% but i can't figure out how they got that,
> so could someone please explain.
> Also, i can't grasp the topic of surds and could anyone help me with that??
> Thanx
> --
> Siobhan
>         X
> ICQ:32493520

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From: Sid_Moir <Sid_Moir@wollongong.apana.org.au>
Subject: Re: Need Urgent Help
Date: 1999/04/09
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