Mrs. Emily saved RM10000 in a bank. At the end of the eighth year, the amount of money accumulated amounted to RM19992.71. If the bank pays an annual interest of x% for a year compounded every 6 months. Calculate the value of x.

Name: Solved: Mrs. Emily saved RM10000 in a bank. At the end of the eighth year, the amount of money accumulated amounted to RM19992.71. If the bank pays an annual interest of x% for a year compounded every 6 months. Calculate the value of x. - MathMaster
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Answer to a math question Mrs. Emily saved RM10000 in a bank. At the end of the eighth year, the amount of money accumulated amounted to RM19992.71. If the bank pays an annual interest of x% for a year compounded every 6 months. Calculate the value of x.

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Jayne

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STEP BY STEP SOLUTION: Let: A be the accumulated amount P be the principal amount n be the compound t be the time (in years) r be the rate Given: A = RM 19992.71 P = RM 10000 n = 2 t = 8 r = ? Solving for rate r as a decimal r=n\left(\left(\frac{A}{P}\right)^{\frac{1}{nt}}-1\right) r=2\left(\left(\frac{19992.71}{10000}\right)^{\frac{1}{2(8)}}-1\right) r = 0.0885 Then convert r to R as a percentage R = r * 100 R = 0.0885 * 100 R = 8.85%/year ANSWER: The bank pays an annual interest of 8.85%

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