Question: mandy deposits 200 on 1 january and on the first...
Mandy deposits $200 on 1 January and on the first day of ach of the following months for a year. The bank pays 4% p.a. interest on deposits and there are no account keeping fees. Calculation of simple interest is based on the time for which the money is deposited. How much will Mandy have in the bank at the end of the year?
Her friend Hanh depostied $200 in another bank on 1 January and on the first day of each of the following month. At the end of June, when the interest was calculated, he found that his account balance is $1206.30. What is the rate of simple interest paid by the bank?