Math, asked by hii5314, 7 months ago

At what rate of simple interest will $5000 amount to $6050 in 3 years, 4 months?​

Answers

Answered by dipalisaini2007
4

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

Answered by sonakshijain185
1
Answer with Explanation :
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