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Question 1
Interest in 1 year at 2% per annum = 2/100 x $181 = $3.62
Total Interst after 8 years = 8 x $3.62 = $28.96
Total amount she has after 8 years = initial amount + Total Interst after 8 years
=$181 + $28.96 = $209.96 (2 decimal places)
Question 2
rate per annum, r = 5%
Time = 9years
Total amount = $103,897
Let the initial amount invested be p
interst after 1 year = 5% of p =$5p/100
Total interest after 9 years = 9 x 5p/100 = $45p/100
Total amount = p + 45p/100
That is,
103,897= p + 45p/100
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