Finding the Simple Interest for a specific year

[Benjamin_harsh]

Homework Statement

P = 49000; R = 57 1/7%; T = 4 yrs; SI of 2nd year = ?

Relevant Equations

R = 57 1/7% i.e 4/7. i.e Interest/Principle

P = 49000; R = 57 1/7%; T = 4 yrs; SI of 2nd year = ?

R = 57 1/7% i.e 4/7. i.e Interest/Principle.

Principle; 7 corresponds to 49000.

After this how to proceed?

 

[HallsofIvy]

Since this is 'simple' interest, it is just the interest rate times the principle:
0.57286 (to 5 decimal places) times $49000. Or, since 49000 is divisible by 7 (I presume that is what you mean by "7 corresponds to 49000) 57 and 1/7 equals 399/7+ 1/7= 400/7 so you have (400/7)(49000)/100= 400(70)= 28000.

("57 and 1/7 percent is amazingly high interest!)

 

[Mark44]

Since this is 'simple' interest, it is just the interest rate times the principle:
0.57286 (to 5 decimal places) times $49000. Or, since 49000 is divisible by 7 (I presume that is what you mean by "7 corresponds to 49000) 57 and 1/7 equals 399/7+ 1/7= 400/7 so you have (400/7)(49000)/100= 400(70)= 28000.

I'm not sure this is the correct calculation. The OP is not a native speaker of English, so might not have made an exact translation of the problem.

My reasoning is that in asking for the simple interest for the second year, it's possible that the principal (note spelling) at the start of the second year includes the interest earned in the first year. If so, this is really a problem about compound interest. If the problem really is about simple interest, then the interest earned each year will be the same, so I don't understand why the problem asked specifically about the second year, rather than the interest earned each year.

 

[HallsofIvy]

I'm not sure this is the correct calculation. The OP is not a native speaker of English, so might not have made an exact translation of the problem.

My reasoning is that in asking for the simple interest for the second year, it's possible that the principal (note spelling) at the start of the second year includes the interest earned in the first year. If so, this is really a problem about compound interest. If the problem really is about simple interest, then the interest earned each year will be the same, so I don't understand why the problem asked specifically about the second year, rather than the interest earned each year.

Yes, it is conceivable that the OP posted the wrong problem. But I don't see how we can assume that! The OP specifically said "simple interest". I believe him!