Simple and Compound Interest

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Rachel Staddon

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Rachel Staddon 8 years, 7 months ago

Created this as a copy of Simple and Compound Interest.

Name	Status	Author	Last Modified
Simple and Compound Interest	Ready to use	Habiba Gora	01/06/2016 09:47
Simple and Compound Interest	draft	Rachel Staddon	18/09/2016 19:47

Question statement

What is the interest rate (% to two decimal places) if the capital is £{capital} and the interest earned is £{interest} over a period of {n} years if:

Give any introductory information the student needs.

			Name	Type	Generated Value

capital	integer	200
interest	integer	170
z	integer	370
n	integer	3
ci	decimal	dec("2.27601026192148519570833450429029753697e+1")
si	rational	85/3

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Data type

Value

A random number between and (inclusive) with step size

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Generated value: `integer`

200

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Statement
Advice

Advice

Simple Interest

The general formula for the total amount after interest is earned is given by:

$C(1+ni)=Z$

where:

$C$ =capital
$n$ =period of time
$i$ =interest rate
$Z$ =capital+interest earned

Re-arranging this formula to make $i$ the subject of the formula, you get:

$i={({1 \over n})}{({Z \over C}}-1)={Z-C \over nC}$

In this question:

$C$ ={capital}
$n$ ={n}
$Z$ ={capital}+{interest}={z}

Compound Interest

An capital $C$ lent over a period of $n$ years at an interest rate $i$ grows to

$C(1+i)^n=Z$

where $Z$ is the capital +interest earned.

Re-arranging this formula to make $i$ the subject of the formula gives:

$i=({Z \over C})^{1 \over n}-1$

In this question:

$C$ ={capital}
$n$ ={n}
$Z$ ={capital}+{interest}={z}

Substituting these value into the above equations will give the simple and compound interest rates.

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This question is used in the following exam:

Workshop 6 - Practice Exercises by Bobby Kahlon in Bobby's workspace.

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Taxonomy: mathcentre

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Rachel Staddon 8 years, 7 months ago

Error in variable testing condition

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Generated value: `integer`

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Simple and Compound Interest

Metadata

Taxonomy: mathcentre

Taxonomy: Kind of activity

Taxonomy: Context

Contributors

History

Comment

Checkpoint description

Rachel Staddon 8 years, 7 months ago

Error in variable testing condition

Error

Warning

Generated value: integer

Parts

Number entry

Advanced settings

Generated value: `integer`