where are you stuck?
start by working out how long it takes harry to get RM 5000.
here is the question
Harry and Potter both would want to have RM 5000, each, to buy a motorcycle. Harry makes a deposit of RM 750 at an interest rate of 4% compounded monthly. If the time taken by both is the same, calculate the annual interest rate charged to Potter if he deposited RM 450 compounded quarterly.
please answer it thanks!
The compound interest formula is
Where,
A = final amount
P = principal amount (initial investment)
r = annual nominal interest rate (as a decimal)
n = number of times the interest is compounded per year
t = number of years
Get an equation for each one, set the time equal and solve for