Neil invested £8000 in a savings account for 2 years. He earned £640 simple interest over the two years.What was the

9 answers
Question:

Neil invested £8000 in a savings account for 2 years. He earned £640 simple interest over the two years. What was the interest rate?

Answers

100 would be your answer

8000 * 0,015 = 120

10 years: 120 * 10 = 1.200

This is the simple interest.

he account pays 5% simple interest per year. ... 6) Neil invested £8000 in a savings account for 2 years. He earned £640 simple interest over the two years.

Step-by-step explanation:

I = PRT
$360 = $8000 x R X 1
$360 = $8000 X R
$360/$8000 X R /$8000
0.045 = R
R= 0.045 * 100
R = 4.5%

Interest = PRT/100  =  8000 * 1.5 * 3  / 100 = 360

Total amount = 8360

She invested "a" at 5% and "b" at 6%.

now, we know whatever amounts "a" and "b" are, they add up to 8000, thus a + b = 8000.

how much is 5% of a? well, (5/100) * a, or 0.05a.
how much is 6% of b? well, (6/100) * b, or 0.06b.

After a year, their combined interest, their yield, was 455, thus, we also know that 0.05a + 0.06b = 455.

[tex]\bf \begin{cases}
a+b=8000\implies \boxed{b}=8000-a\\
0.05a+0.06b=455\\
----------\\
0.05a+0.06\left( \boxed{8000-a} \right)=455
\end{cases}
\\\\\\
0.05a-0.06a+480=455\implies -0.01a=-25\implies a=\cfrac{-25}{-0.01}
\\\\\\
\boxed{a=2500}[/tex]

how much was invested at 6%?  well, b = 8000 - a.

So he invested in stock fund was = $6000and in certificate of deposit was = $ 2000

Step-by-step explanation:

Given,

Kente invested part of money  for 2 yr in stock fund that earned the equivalent of 6.5 % simple interest.He put remaining money in a 18 month certificate of deposit that earn of 6.5%simple interest.

Let he invested in stock fund be$ x. Remaining money =$(8000-x)

∴He got interest from stock fund was = [tex]\frac{PRt}{100}[/tex]

                                                        =$[tex]\frac{x\times6.5\times2}{100}[/tex]   [here P =x , R = 6.5% and t = 2 yr]

                                                         =$  [tex]\frac{{13 x}}{{100} }[/tex]

Again he got interest from deposit was = [tex]\frac{PRt}{100}[/tex]

                                                               =$  [tex]\frac{(8000-x)\times 2.5\times\frac{18}{12} }{100}[/tex]     [here P = (8000-x), R=2.5% and t =[tex]\frac{18}{12} yr[/tex]]                              

                                                                =$ [tex]\frac{(8000-x) \times 7.5}{200}[/tex]

According to problem

[tex]\frac{{13 x}}{{100} }+\frac{(8000-x) \times 7.5}{200}= 855[/tex]

⇔[tex]\frac{26x + 60000 - 7.5}{200} =855[/tex]

⇔18.5 x =171000 - 60000

⇔x = [tex]\frac{11100}{18.5}[/tex]

⇔x = 6000

So he invested in stock fund was = $6000

and in certificate of deposit was =$(8000- 6000)= $ 2000

The formula for simple interest is i = prt.  Here, p=$8000, r=?, and t=1 year.

Thus, $360 = simple interest = $8000 (r) (1), and

r = $360
      = 0.045, or 4.5%
      $8000

They received $640.

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