Find your Math Personality!
Find your Math Personality!
What would be the value of $100 after 10 years if you earn 11 percent interest per year?
Solution:
For simple interest ,
SI = Pnr / 100
Given: Principal amount P = $100
Number of years n = 10
Interest rate r = 11%
SI = (100)(10)(11) / 100 = $110
Amount = P + SI
Amount = 100 + 110 = $210.
For compound interest compounded annually, Amount = P[(1 + (r/100))n]
= 100[(1 + (11/100))10]
= 100(2.83943)
Amount = $283.94
Therefore, the value of $100 in SI is $210 and CI is $283.94
What would be the value of $100 after 10 years if you earn 11 percent interest per year?
Summary:
The value of $100 after 10 years if you earn 11 percent interest per year in SI is $210 and CI is $283.94
Math worksheets and
visual curriculum
visual curriculum