Suppose you earn 3% on a $1,200 deposit for 5 years. Explain how the simple interest is affected if the rate is increased by 1%. What happened if the time is increased by 1 year?

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06-03-2018
Mathematics

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Suppose you earn 3% on a $1,200 deposit for 5 years. Explain how the simple interest is affected if the rate is increased by 1%. What happened if the time is increased by 1 year?

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jdoe0001 jdoe0001 · Answer 1 · 2018-03-06T21:48:38+01:00

[tex]\bf ~~~~~~ \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\to& \$1200\\ r=rate\to 3\%\to \frac{3}{100}\to &0.03\\ t=years\to &5 \end{cases} \\\\\\ I=1200(0.03)(5)\implies \boxed{I=180}\\\\ -------------------------------[/tex]

[tex]\bf ~~~~~~ \textit{Simple Interest Earned increased by 1\%}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\to& \$1200\\ r=rate\to 4\%\to \frac{4}{100}\to &0.04\\ t=years\to &5 \end{cases} \\\\\\ I=1200(0.04)(5)\implies \boxed{I =240}\\\\ -------------------------------[/tex]

[tex]\bf ~~~~~~ \textit{Simple Interest Earned increased by 1 year}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\to& \$1200\\ r=rate\to 3\%\to \frac{3}{100}\to &0.03\\ t=years\to &6 \end{cases} \\\\\\ I=1200(0.03)(6)\implies \boxed{I =216}[/tex]