INTEREST QUESTION

OCT 2003/MAT 108
Q.5 On 20th June 2003 Laila invested RM2000 in an account that offered
a simple interest rate of 6.5%. What is the accumulated amount in the
account on 26th October 2003 by using Banker’s Rule?

solution↙

20 June → 30 June = 10 days
1 July → 31 July = 31 days
1 August → 31 August = 31 days
1 Sept → 30 Sept = 30 days
1 Oct → 26 Oct =26 days
TOTAL DAYS :128 days

Use the : I = Prt
I = 2000 + (6.5%) + (128⁄360)
I = 2000 + (0.065) + (0.35)
I = RM46.22
The accumulated amount:
S = I + P
=46.22 + 2000
=RM2046.22