In the given problem, apply your knowledge in algebraic expression specially in calculation of interest and other application of math in finance.
The formula for simple interest is A = P(1 + rt), where
A = Final amount
P = Principal amount
r = interest rate per period of time
t = time in years
Given:
earn ₱225 of interest
nterest rate of 9% per annum
nine-month term
Problem:
How much should be deposited (value of P)?
Solution:
A = P(1+rt)
P + x = P(1+rt)
x is the earn or gained = 225
r = 0.09
t = 9/12 = 0.75
P + 225 = P[1+(0.75)(0.09)]
P + 225 = P(1.0675)
225 = 1.0675P - P
225 = 0.0675P
P = 225/0.0675
P = 3, 333.33
Answer: ₱3, 333.33
Learn more about interest here at
https://brainly.ph/question/970111
#CarryOnLearning
#BRAINLYFAST
