INeedSeriousMathHelp
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- Joined
- Dec 2, 2018
- Messages
- 1
Okay heres the question word for word;
**A bank offers a choice of two fixed term deposits.
Option A: Earning simple interest at 6.5 % p.a. for 4 years.
Option B: Earning simple interest at 8% p.a. for 3.5 years
David invests the same amount of money in both option A and B. Option B earns $105 more than option A.
Determine David's original investment.**
I=Prt
I=(P)(0.065)(4) & I=(P)(0.08)(3.5)
Therefor;
((P)(0.08)(3.5))-((P)(0.065)(4)) = 105
But then I get stuck because I can't figure out how to find the simple interest without knowing P.
I know the formula for principal is
P= I/(rt)
But I cant find that without knowing the simple interest. I feel like the answer is right in front of me but yeah I'm very confused.The answer is meant to equal $5250 in the book but no matter what I do I can't seem to get it to equal that.
**A bank offers a choice of two fixed term deposits.
Option A: Earning simple interest at 6.5 % p.a. for 4 years.
Option B: Earning simple interest at 8% p.a. for 3.5 years
David invests the same amount of money in both option A and B. Option B earns $105 more than option A.
Determine David's original investment.**
Okay so here's my working so far;
I=Prt
I=(P)(0.065)(4) & I=(P)(0.08)(3.5)
Therefor;
((P)(0.08)(3.5))-((P)(0.065)(4)) = 105
But then I get stuck because I can't figure out how to find the simple interest without knowing P.
I know the formula for principal is
P= I/(rt)
But I cant find that without knowing the simple interest. I feel like the answer is right in front of me but yeah I'm very confused.The answer is meant to equal $5250 in the book but no matter what I do I can't seem to get it to equal that.