HEY :P

Ginny opens a savings account and decides to pay £200 into the account at the start of

each month. At the end of each month, interest of 0.5% is paid into the account.

a Find, to the nearest penny, the interest paid into the account at the end of the

third month. (4)

amount in account after the 3rd payment in

=200+(1.005x200)+(1.005^2 x200)

=603.005

interest paid at end of 3rd month

=0.005x603.005=£3.02 (nearest penny)

i dont get why they did 603.005 x 0.005 ? could someone explain this to me .

thank you , would appreciate it

Ginny opens a savings account and decides to pay £200 into the account at the start of

each month. At the end of each month, interest of 0.5% is paid into the account.

a Find, to the nearest penny, the interest paid into the account at the end of the

third month. (4)

amount in account after the 3rd payment in

=200+(1.005x200)+(1.005^2 x200)

=603.005

interest paid at end of 3rd month

=0.005x603.005=£3.02 (nearest penny)

i dont get why they did 603.005 x 0.005 ? could someone explain this to me .

thank you , would appreciate it

Original post by Sadilla

HEY :P

Ginny opens a savings account and decides to pay £200 into the account at the start of

each month. At the end of each month, interest of 0.5% is paid into the account.

a Find, to the nearest penny, the interest paid into the account at the end of the

third month. (4)

amount in account after the 3rd payment in

=200+(1.005x200)+(1.005^2 x200)

=603.005

interest paid at end of 3rd month

=0.005x603.005=£3.02 (nearest penny)

i dont get why they did 603.005 x 0.005 ? could someone explain this to me .

thank you , would appreciate it

Ginny opens a savings account and decides to pay £200 into the account at the start of

each month. At the end of each month, interest of 0.5% is paid into the account.

a Find, to the nearest penny, the interest paid into the account at the end of the

third month. (4)

amount in account after the 3rd payment in

=200+(1.005x200)+(1.005^2 x200)

=603.005

interest paid at end of 3rd month

=0.005x603.005=£3.02 (nearest penny)

i dont get why they did 603.005 x 0.005 ? could someone explain this to me .

thank you , would appreciate it

At the end of the 1st month you put in $0.005\cdot 200$ so that in total you have $200+0.005\cdot 200 = 200 \cdot 1.005$.

Similarly, the end of the 2nd month you put in $0.005 \cdot (200 \cdot 1.005)$ so that you end up with $200 \cdot 1.005 + 0.005 \cdot (200 \cdot 1.005) = 200 \cdot 1.005^2$

So it should be clear why they did what they did for the end of the 3rd month.

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