Alright, let's go through each part of the question step by step:
4.2.1 Calculate what percentage of interest is added per month.
To determine the monthly interest rate:
- The annual interest rate is 12%.
- Since interest is compounded monthly, we need to divide the annual interest rate by 12 (the number of months in a year).
So, the calculation for the monthly interest rate is:
[tex]\[ \text{Monthly interest rate} = \frac{\text{Annual interest rate}}{12} \][/tex]
[tex]\[ \text{Monthly interest rate} = \frac{12\%}{12} \][/tex]
[tex]\[ \text{Monthly interest rate} = 1\% \][/tex]
Therefore, the percentage of interest added per month is 1%.
4.2.2 Calculate the total amount of money you had in your savings account after 1 month.
We know that:
- The initial amount in the savings account (P) is R200.00.
- The monthly interest rate (r) is 1%.
We use the compound interest formula to calculate the amount after 1 month:
[tex]\[ A = P \left(1 + \frac{r}{100}\right) \][/tex]
Substitute the known values into the formula:
[tex]\[ A = R200.00 \left(1 + \frac{1}{100}\right) \][/tex]
[tex]\[ A = R200.00 \left(1 + 0.01\right) \][/tex]
[tex]\[ A = R200.00 \times 1.01 \][/tex]
[tex]\[ A = R202.00 \][/tex]
Therefore, the total amount of money in your savings account after 1 month is R202.00.
