PLEASE ANSWER QUESTIONS 10.1, 10.2, AND 10.3 USING EXCEL AND EXCEL FORMULAS. Fin
ID: 3123575 • Letter: P
Question
PLEASE ANSWER QUESTIONS 10.1, 10.2, AND 10.3 USING EXCEL AND EXCEL FORMULAS.
Find the interest on the amount of pound 1000 at the following annual simple interest rates (a) 4.5% for one year, (b) 5.25% for two years, (c) 3.5% for six months, and (d) 5% for ten months. At what rate of simple interest will: (a) pound 2000 amount to pound 2110 in one year and (b) pound 720 amount to pound 744 in 10 months? What sum invested today at 5% simple interest will amount to pound 1000 in eight months' time?Explanation / Answer
1.
a.)
amount = 1000$ , R = 4.5 % , T = 1
interest = amount * R * T /100
= 1000 * 4.5 * 1/100 = 45
b.)
amount = 1000$ , R = 5.25 % , T= 2
interest = amount * R * T /100
= 1000 * 5.25 * 2 /100 = 105
c.)
amount = 1000$ , R = 3.5 % , T= 6/12
interest = amount * R * T /100
= 1000 * 3.5 * 6 / 100 * 12 = 17.5
d.)
amount = 1000$ , R = 5 % , T = 10/12
interest = amount * R * T /100
= 1000 * 5 * 10 /100*12 =41.67
2.
a.)
amount = 2000 , interest = 2110 -2000 =110 , T = 1
interest = amount * R *T/100
110 =2000*R *1/100
R = 11000/2000
R =5.5 %
b.)
amount = 720 , interest = 744-720 = 24 , T =10/12 year
interest = 720 * R * 10 /100 * 12
24 = 720 *R*10/1200
24*1200 = 7200R
R =4 %
3.)
Interest = (1000 -interest ) *5 *8 /100*12
(1200 + 40 )Interest = 40000
Interest = 40000/1240
amount = 1000 - interest -> 1000 - (40000/1240)
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