Young invested GH150,000 and 2.5% per annum simple interest. how long will it take this amount to. yield an interest of GH11,250,00​

Question

Young invested GH150,000 and 2.5% per annum simple interest. how long will it take this amount to. yield an interest of GH11,250,00​

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Diễm Kiều 3 years 2021-07-26T00:33:14+00:00 1 Answers 5 views 0

Answers ( )

  1. King
    0
    2021-07-26T00:35:12+00:00
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    Answer: 3 years

    Step-by-step explanation:

    Interest is calculated as:

    = (P × R × T) / 100

    where

    P = principal = 150,000

    R = rate = 2.5%.

    I = interest = 11250

    T = time = unknown.

    I = (P × R × T) / 100

    11250 = (150000 × 2.5 × T)/100

    Cross multiply

    1125000 = 375000T

    T = 1125000/375000

    T = 3

    The time taken will be 3 years

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