Edmond deposits $2500 in a bank at a simple interest rate of 4% p.a. (a)How long will it take for Edmond to receive an amount of $3000? (b)If the interest rate is increased to 5% p.a., find the amount Edmond will receive at the end of the deposit period in (a)
(a) my method is: press 2500(1+4/100) on the calculator, then it show 2600 on the "mon", 3000-2500=500 then 2600-2500=100 500/100=5(years)(方法比較複雜,請見諒) (B) press 2500(1+5x5/100), and then get the answer 3125.
PS I am F3 and I am learning percentage too but I have learning compound interest now.