At what rate of simple interest will $5000 amount to $6050 in 3 years, 4 months?
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Step-by-step explanation:
Answer:
Step-by-step explanation:
Formula : A = P (1 + rt)
where, A = total accrued (Principal + Interest)
P = Principal amount; I = Interest; r = rate; T = Tenure
r = (1/t) (A/P-1)
= (1/40) (6050/5000 - 1) = 0.00525
Converting r to R as percentage:
R = 0.00525 * 100 % = 0.525 % per month
R = 0.525 % per month * 12 months = 6.3 % per month
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