word problem involving interest rate for investment
0
$begingroup$
A cash rich household can ear 10% interest per annum from a savings account, with interest paid once a year. Estimate the financial benefit in pounds over a 3 year period if this household invests in roof and cavity wall insulation. Compared with investing in a savings account
The question doest tell me what the investment, is so not sure how to start.
algebra-precalculus
asked Dec 20 '18 at 16:19
italyitaly
519414
$endgroup$
add a comment |
0
$begingroup$
A cash rich household can ear 10% interest per annum from a savings account, with interest paid once a year. Estimate the financial benefit in pounds over a 3 year period if this household invests in roof and cavity wall insulation. Compared with investing in a savings account
The question doest tell me what the investment, is so not sure how to start.
algebra-precalculus
asked Dec 20 '18 at 16:19
italyitaly
519414
$endgroup$
$begingroup$
but the question doesnt say double glazing? It only says roof and cavity wall insulation, so it would be £225 + £375. But I dont get the right answer or anywhere close.
$endgroup$
– italy
Dec 20 '18 at 16:29
$begingroup$
Getting the wrong answer is not the reason to ask how to do a problem from scratch. Maybe you just made a mistake. Please post your work so we can determine whether you made a simple error or if your approach is incorrect.
$endgroup$
– John Douma
Dec 20 '18 at 16:41
$begingroup$
What is the answer?
$endgroup$
– callculus
Dec 20 '18 at 17:15
add a comment |
0
0
0
$begingroup$
A cash rich household can ear 10% interest per annum from a savings account, with interest paid once a year. Estimate the financial benefit in pounds over a 3 year period if this household invests in roof and cavity wall insulation. Compared with investing in a savings account
The question doest tell me what the investment, is so not sure how to start.
algebra-precalculus
asked Dec 20 '18 at 16:19
italyitaly
519414
$endgroup$
A cash rich household can ear 10% interest per annum from a savings account, with interest paid once a year. Estimate the financial benefit in pounds over a 3 year period if this household invests in roof and cavity wall insulation. Compared with investing in a savings account
The question doest tell me what the investment, is so not sure how to start.
algebra-precalculus
algebra-precalculus
asked Dec 20 '18 at 16:19
italyitaly
519414
asked Dec 20 '18 at 16:19
italyitaly
519414
asked Dec 20 '18 at 16:19
italyitaly
519414
asked Dec 20 '18 at 16:19
italyitaly
519414
asked Dec 20 '18 at 16:19
italyitaly
519414
519414
$begingroup$
but the question doesnt say double glazing? It only says roof and cavity wall insulation, so it would be £225 + £375. But I dont get the right answer or anywhere close.
$endgroup$
– italy
Dec 20 '18 at 16:29
$begingroup$
Getting the wrong answer is not the reason to ask how to do a problem from scratch. Maybe you just made a mistake. Please post your work so we can determine whether you made a simple error or if your approach is incorrect.
$endgroup$
– John Douma
Dec 20 '18 at 16:41
$begingroup$
What is the answer?
$endgroup$
– callculus
Dec 20 '18 at 17:15
add a comment |
$begingroup$
but the question doesnt say double glazing? It only says roof and cavity wall insulation, so it would be £225 + £375. But I dont get the right answer or anywhere close.
$endgroup$
– italy
Dec 20 '18 at 16:29
$begingroup$
Getting the wrong answer is not the reason to ask how to do a problem from scratch. Maybe you just made a mistake. Please post your work so we can determine whether you made a simple error or if your approach is incorrect.
$endgroup$
– John Douma
Dec 20 '18 at 16:41
$begingroup$
What is the answer?
$endgroup$
– callculus
Dec 20 '18 at 17:15
$begingroup$
but the question doesnt say double glazing? It only says roof and cavity wall insulation, so it would be £225 + £375. But I dont get the right answer or anywhere close.
$endgroup$
– italy
Dec 20 '18 at 16:29
$begingroup$
but the question doesnt say double glazing? It only says roof and cavity wall insulation, so it would be £225 + £375. But I dont get the right answer or anywhere close.
$endgroup$
– italy
Dec 20 '18 at 16:29
$begingroup$
Getting the wrong answer is not the reason to ask how to do a problem from scratch. Maybe you just made a mistake. Please post your work so we can determine whether you made a simple error or if your approach is incorrect.
$endgroup$
– John Douma
Dec 20 '18 at 16:41
$begingroup$
Getting the wrong answer is not the reason to ask how to do a problem from scratch. Maybe you just made a mistake. Please post your work so we can determine whether you made a simple error or if your approach is incorrect.
$endgroup$
– John Douma
Dec 20 '18 at 16:41
$begingroup$
What is the answer?
$endgroup$
– callculus
Dec 20 '18 at 17:15
$begingroup$
What is the answer?
$endgroup$
– callculus
Dec 20 '18 at 17:15
add a comment |
1 Answer
1
active
oldest
votes
0
$begingroup$
How much do the improvements cost? If they put that much in a savings account, how much do they have at the end of $3$ years? Compare that with the savings over $3$ years. You can argue whether the first year savings should draw $2$ years' interest.
answered Dec 20 '18 at 17:00
Ross MillikanRoss Millikan
301k24200375
$endgroup$
$begingroup$
The investment costs 225 + 375 = £600, and than calculating 10% interest on this is in 3 years is £2184.6 . where as investing in the roof anf wall cavaity insulation saves $840 over three years,
$endgroup$
– italy
Dec 21 '18 at 16:55
$begingroup$
No, $10%$ interest for three years should only add a little over $30%$ where you are more than tripling.
$endgroup$
– Ross Millikan
Dec 21 '18 at 17:01
$begingroup$
if its 10% per annum, and I start with £600, by the end of year one i will have 660 year 2 10% of 660 = 726 and year 3 is 798.6
$endgroup$
– italy
Dec 21 '18 at 17:05
$begingroup$
But you don’t add those together. You have 798.6 at the end of 3 years. You would only add them if you invested another 600 each year
$endgroup$
– Ross Millikan
Dec 21 '18 at 17:43
add a comment |
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1 Answer
1
active
oldest
votes
1 Answer
1
active
oldest
votes
active
oldest
votes
active
oldest
votes
0
$begingroup$
How much do the improvements cost? If they put that much in a savings account, how much do they have at the end of $3$ years? Compare that with the savings over $3$ years. You can argue whether the first year savings should draw $2$ years' interest.
answered Dec 20 '18 at 17:00
Ross MillikanRoss Millikan
301k24200375
$endgroup$
$begingroup$
The investment costs 225 + 375 = £600, and than calculating 10% interest on this is in 3 years is £2184.6 . where as investing in the roof anf wall cavaity insulation saves $840 over three years,
$endgroup$
– italy
Dec 21 '18 at 16:55
$begingroup$
No, $10%$ interest for three years should only add a little over $30%$ where you are more than tripling.
$endgroup$
– Ross Millikan
Dec 21 '18 at 17:01
$begingroup$
if its 10% per annum, and I start with £600, by the end of year one i will have 660 year 2 10% of 660 = 726 and year 3 is 798.6
$endgroup$
– italy
Dec 21 '18 at 17:05
$begingroup$
But you don’t add those together. You have 798.6 at the end of 3 years. You would only add them if you invested another 600 each year
$endgroup$
– Ross Millikan
Dec 21 '18 at 17:43
add a comment |
0
$begingroup$
How much do the improvements cost? If they put that much in a savings account, how much do they have at the end of $3$ years? Compare that with the savings over $3$ years. You can argue whether the first year savings should draw $2$ years' interest.
answered Dec 20 '18 at 17:00
Ross MillikanRoss Millikan
301k24200375
$endgroup$
$begingroup$
The investment costs 225 + 375 = £600, and than calculating 10% interest on this is in 3 years is £2184.6 . where as investing in the roof anf wall cavaity insulation saves $840 over three years,
$endgroup$
– italy
Dec 21 '18 at 16:55
$begingroup$
No, $10%$ interest for three years should only add a little over $30%$ where you are more than tripling.
$endgroup$
– Ross Millikan
Dec 21 '18 at 17:01
$begingroup$
if its 10% per annum, and I start with £600, by the end of year one i will have 660 year 2 10% of 660 = 726 and year 3 is 798.6
$endgroup$
– italy
Dec 21 '18 at 17:05
$begingroup$
But you don’t add those together. You have 798.6 at the end of 3 years. You would only add them if you invested another 600 each year
$endgroup$
– Ross Millikan
Dec 21 '18 at 17:43
add a comment |
0
0
0
$begingroup$
How much do the improvements cost? If they put that much in a savings account, how much do they have at the end of $3$ years? Compare that with the savings over $3$ years. You can argue whether the first year savings should draw $2$ years' interest.
answered Dec 20 '18 at 17:00
Ross MillikanRoss Millikan
301k24200375
$endgroup$
How much do the improvements cost? If they put that much in a savings account, how much do they have at the end of $3$ years? Compare that with the savings over $3$ years. You can argue whether the first year savings should draw $2$ years' interest.
answered Dec 20 '18 at 17:00
Ross MillikanRoss Millikan
301k24200375
answered Dec 20 '18 at 17:00
Ross MillikanRoss Millikan
301k24200375
answered Dec 20 '18 at 17:00
Ross MillikanRoss Millikan
301k24200375
answered Dec 20 '18 at 17:00
Ross MillikanRoss Millikan
301k24200375
301k24200375
$begingroup$
The investment costs 225 + 375 = £600, and than calculating 10% interest on this is in 3 years is £2184.6 . where as investing in the roof anf wall cavaity insulation saves $840 over three years,
$endgroup$
– italy
Dec 21 '18 at 16:55
$begingroup$
No, $10%$ interest for three years should only add a little over $30%$ where you are more than tripling.
$endgroup$
– Ross Millikan
Dec 21 '18 at 17:01
$begingroup$
if its 10% per annum, and I start with £600, by the end of year one i will have 660 year 2 10% of 660 = 726 and year 3 is 798.6
$endgroup$
– italy
Dec 21 '18 at 17:05
$begingroup$
But you don’t add those together. You have 798.6 at the end of 3 years. You would only add them if you invested another 600 each year
$endgroup$
– Ross Millikan
Dec 21 '18 at 17:43
add a comment |
$begingroup$
The investment costs 225 + 375 = £600, and than calculating 10% interest on this is in 3 years is £2184.6 . where as investing in the roof anf wall cavaity insulation saves $840 over three years,
$endgroup$
– italy
Dec 21 '18 at 16:55
$begingroup$
No, $10%$ interest for three years should only add a little over $30%$ where you are more than tripling.
$endgroup$
– Ross Millikan
Dec 21 '18 at 17:01
$begingroup$
if its 10% per annum, and I start with £600, by the end of year one i will have 660 year 2 10% of 660 = 726 and year 3 is 798.6
$endgroup$
– italy
Dec 21 '18 at 17:05
$begingroup$
But you don’t add those together. You have 798.6 at the end of 3 years. You would only add them if you invested another 600 each year
$endgroup$
– Ross Millikan
Dec 21 '18 at 17:43
$begingroup$
The investment costs 225 + 375 = £600, and than calculating 10% interest on this is in 3 years is £2184.6 . where as investing in the roof anf wall cavaity insulation saves $840 over three years,
$endgroup$
– italy
Dec 21 '18 at 16:55
$begingroup$
The investment costs 225 + 375 = £600, and than calculating 10% interest on this is in 3 years is £2184.6 . where as investing in the roof anf wall cavaity insulation saves $840 over three years,
$endgroup$
– italy
Dec 21 '18 at 16:55
$begingroup$
No, $10%$ interest for three years should only add a little over $30%$ where you are more than tripling.
$endgroup$
– Ross Millikan
Dec 21 '18 at 17:01
$begingroup$
No, $10%$ interest for three years should only add a little over $30%$ where you are more than tripling.
$endgroup$
– Ross Millikan
Dec 21 '18 at 17:01
$begingroup$
if its 10% per annum, and I start with £600, by the end of year one i will have 660 year 2 10% of 660 = 726 and year 3 is 798.6
$endgroup$
– italy
Dec 21 '18 at 17:05
$begingroup$
if its 10% per annum, and I start with £600, by the end of year one i will have 660 year 2 10% of 660 = 726 and year 3 is 798.6
$endgroup$
– italy
Dec 21 '18 at 17:05
$begingroup$
But you don’t add those together. You have 798.6 at the end of 3 years. You would only add them if you invested another 600 each year
$endgroup$
– Ross Millikan
Dec 21 '18 at 17:43
$begingroup$
But you don’t add those together. You have 798.6 at the end of 3 years. You would only add them if you invested another 600 each year
$endgroup$
– Ross Millikan
Dec 21 '18 at 17:43
add a comment |
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$begingroup$
but the question doesnt say double glazing? It only says roof and cavity wall insulation, so it would be £225 + £375. But I dont get the right answer or anywhere close.
$endgroup$
– italy
Dec 20 '18 at 16:29
$begingroup$
Getting the wrong answer is not the reason to ask how to do a problem from scratch. Maybe you just made a mistake. Please post your work so we can determine whether you made a simple error or if your approach is incorrect.
$endgroup$
– John Douma
Dec 20 '18 at 16:41
$begingroup$
What is the answer?
$endgroup$
– callculus
Dec 20 '18 at 17:15