Question

a)What rate of interest did Kentaro Sakaguchi receive over a period of 60 days if he invested $8000 and receive interest in the amount of $131.51?

b)How many days would it take for Ms. Tuba’s investment of $6700 to earn in interest is she is able to earn a rate of 1.5%?

Answer 1

Ans a) Interest = principal * interest rate * days/365

Interest = $131.51

principal = $8000

days =60

put all this value in equations

131.51 = 8000 * interest rate * 60/365

interest rate = 131.51/8000 * 365/60

= 10%

Ans b) Since how much interest she will earn is not given in question I am taking question a interest for the calculation i.e., 131.51.

interest = principal * interest rate * number of days/365

131.51 = 6700 * .015 * number of days/365

number of days= 131.51 * 365 /(6700 * .015)

= 478 days