Yazomi
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#1
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#1
I managed to find out how they got the 1st month
But as I tried to work out the second month I got 3r/100 instead of the correct answer of 2r/100
I can’t think of any other reason for why it would be 2r/100 because the question said to N is added at the start of each month

How to work out 7)I)b)?

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Last edited by Yazomi; 3 weeks ago
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mqb2766
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(Original post by Yazomi)
I managed to find out how they got the 1st month
But as I tried to work out the second month I got 3r/100 instead of the correct answer of 2r/100
I can’t think of any other reason for why it would be 2r/100 because the question said to N is added at the start of each month

How to work out 7)I)b)?

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Have you double counted interest and savings.
Work out the total in account before month 2 interest, then multiply by (1+r/100).
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ghostwalker
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(Original post by Yazomi)
I managed to find out how they got the 1st month
But as I tried to work out the second month I got 3r/100 instead of the correct answer of 2r/100
I can’t think of any other reason for why it would be 2r/100 because the question said to N is added at the start of each month

How to work out 7)I)b)?

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You've worked out the interest on "the amount after the 2nd month's N was added", and then added the amount from the first month, but you've failed to add in the actual 2nd month's N. It then needs rearranging into the form they have.
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Yazomi
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(Original post by mqb2766)
Have you double counted interest and savings.
Work out the total in account before month 2 interest, then multiply by (1+r/100).
Ohhhhh right this would be compound interest wouldn’t it
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mqb2766
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(Original post by Yazomi)
Ohhhhh right this would be compound interest wouldn’t it
Yes. The powers of exponents in the (1+r/100) tell you that.
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