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maths interest rate question?
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<blockquote data-quote="maths_questions" data-source="post: 2102131" data-attributes="member: 750993"><p>A sum of money is deposited in a bank at an interest rate of 3% p.a.</p><p>(a) If simple interest is paid, the amount after 3 years would be $5000.How much is the sum of the money originally?</p><p>(b) If the interest is compounded half-yearly, find the amount after 3 years correct to the nearest dollar.</p><p></p><p>I couldn't understand this question</p><p>Please help and explain on how to solve this question</p></blockquote><p></p>
[QUOTE="maths_questions, post: 2102131, member: 750993"] A sum of money is deposited in a bank at an interest rate of 3% p.a. (a) If simple interest is paid, the amount after 3 years would be $5000.How much is the sum of the money originally? (b) If the interest is compounded half-yearly, find the amount after 3 years correct to the nearest dollar. I couldn't understand this question Please help and explain on how to solve this question [/QUOTE]
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