Consumer Arithmetic - Simple Interest - Numbas at mathcentre.ac.uk

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Paul Hancock 6 years, 8 months ago

Created this as a copy of Simple interest.

Name	Status	Author	Last Modified
Simple interest	Ready to use	Stanislav Duris	20/11/2019 14:42
Cumulative percent decrease	Ready to use	Stanislav Duris	20/11/2019 14:36
Exponential increase	Ready to use	Stanislav Duris	20/11/2019 14:38
Ida's copy of Cumulative percent decrease	draft	Ida Landgärds	12/04/2018 10:54
Spørsmål 4	draft	Ida Landgärds	02/12/2020 15:42
haifa's copy of Cumulative percent decrease	draft	haifa abd	01/05/2018 14:20
Consumer Arithmetic - Simple Interest	draft	Paul Hancock	24/07/2018 03:08

There are 9 other versions that do you not have access to.

Question statement

Suppose you put ${money} into a savings account exactly {years} years ago and you haven't touched the money since. The simple interest rate on the account is {perc2}% per year.

Give any introductory information the student needs.

			Name	Type	Generated Value

perc2	number	0.35
money	integer	2900
years	integer	6

Automatically regenerate variables?

Name

Data type

Value

xxxxxxxxxx
 
random(0..2.5 #0.05)

JME function reference

Description

Describe what this variable represents, and list any assumptions made about its value.

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Generated value: `number`

0.35

This variable doesn't seem to be used anywhere.

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If you were to withdraw the money from this account now, how much would you have?

$ Unnamed gap

Advice

This is simple interest, which means the amount added each year is a percentage of the original amount. The amount we add is fixed for all {years} years.

First, we work out the amount of interest for one year:

$\begin{align} \var{perc2} \text{% of } \var{money} &= \frac{\var{perc2}}{100} \times \var{money} \\ &= \var{perc2/100} \times \var{money} \\ &= £\var{dpformat(perc2/100*money,2)} \text{.} \end{align}$

The money has been in the account for {years} years, so we multiply $£\var{dpformat(perc2/100*money,2)}$ by $\var{years}$ .

$£\var{dpformat(perc2/100*money,2)} \times \var{years} = £\var{dpformat(perc2/100*money*years,2)} \text{.}$

Adding this to the original balance:

$£\var{money} + £\var{dpformat(perc2/100*money*years,2)} = £\var{dpformat(perc2/100*money*years + money,2)} \text{.}$

This is the amount we would get if we withdrew the whole savings balance today.

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This question is used in the following exam:

Consumer Arithmetic - Quiz by Paul Hancock in Stage 5.

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Consumer Arithmetic - Simple Interest

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Taxonomy: mathcentre

Taxonomy: Kind of activity

Taxonomy: Context

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Paul Hancock 6 years, 8 months ago

Error in variable testing condition

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Generated value: `number`

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Consumer Arithmetic - Simple Interest

Metadata

Taxonomy: mathcentre

Taxonomy: Kind of activity

Taxonomy: Context

Contributors

History

Comment

Checkpoint description

Paul Hancock 6 years, 8 months ago

Error in variable testing condition

Error

Warning

Generated value: number

Parts

Gap-fill

Generated value: `number`