Quick answer :
(A) = $4042.50
(B) = $14520.50
Solution with steps :
Solution (A) :
Money invested by a man = $10,500
No.of years for which he invested his money = 7
Rate of interest = 5.5%
We know that :
[tex] \tt \: Simple \: interest = \frac{Principal × Rate × Time}{100} [/tex]
Principal = 10500
Rate = 5.5%
Time = 7 years
Simple interest the man payed :
[tex] = \tt\frac{10500 \times 55 \times 7}{10 \times 100} [/tex]
[tex] = \tt \frac{4042500}{1000} [/tex]
[tex] \color{plum}=\tt 4042.50[/tex]
Therefore, the simple interest payed by the man = $4042.50
Solution (B) :
Money invested by the man (principal) = $10,500
The simple interest he payed = $4042.50
We know that :
[tex]\tt \: amount = principal + interest[/tex]
The amount the man collected after a period of 7 years :
[tex] = \tt10500 + 4042.50[/tex]
[tex] =\tt 14520.50[/tex]
Thus, amount = $14520.50
Therefore the amount he collected after a period of 7 years = $14520.50
