Kyraj2004
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Hey everyone, slight issue , I’m stuck on my maths homework. AGAIN !


Someone help
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^ the attachment is up above, and if anyone can get back to me ASAP that would be great !

Thank you
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Kyraj2004
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Ok, thank you 👍🏻
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Doones
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(Original post by Kyraj2004)
Hey everyone, slight issue , I’m stuck on my maths homework. AGAIN !
I've moved your post to the Maths Study Help Forum.

This is the best place to ask for help with Maths questions. It's also a good idea to put up your workings so others can then guide you to the answer.
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Kyraj2004
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Thank you, this question has been confusing me for ages but hopefully this will help me !
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Sir Cumference
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(Original post by Zedress)
You just do £3500 x 1.04^3 which would equal £3937.02
No that's compound interest.

(Original post by Kyraj2004)
x
what do you know about simple interest?
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Conniestitution
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For compound interest, the formula is Starting amount x ( 1.00 plus percentage change [in this case 0.04 is 4%]) which is to the power of the number of years.

So in letters, SA x (1+pc)^y

This calculation assumes that the interest from the previous year is reinvested. There’s another type of interest though and that uses this:

SA x (1+pc) = F

Then take that answer (shown as F) away from SA:

SA - F = increase after one year

Then you can multiply that increase by the number of years and add it back to the SA to get your final answer for how much there is.

I can’t tell you for sure whether simple interest means the first or second method but I think it’s the second because in compound interest questions they almost always tell you it’s compound. If I were you I’d use the second method.
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Conniestitution
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(Original post by Notnek)
what do you know about simple interst?
Judging by this comment simple interest is the second one!
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Sir Cumference
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(Original post by Conniestitution)
Judging by this comment simple interest is the second one!
Yes it is. Although I don't see the need to use a formula - it's really simple, hence the name!

I think the OP may have left with an incorrect answer
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Conniestitution
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(Original post by Notnek)
Yes it is. Although I don't see the need to use a formula - it's really simple, hence the name!

I think the OP may have left with an incorrect answer
I mean true, I worked it out with judgement. But I find it easier to explain things when they're written out as a formula because then all you need to do is substitute numbers back in!

(Disadvantages of doing high level maths is you forget the basics sometimes!)
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