Question

Calculate the time in which 5,000 would
become 5,500 at an interest rate of 8% per
annum.​

Answer 1

Answer:

1 1/4 yr

Step-by-step explanation:

A = p + s.i

5,500 = 5000 + (5000 × 8 × t/100)

5500 = 5000 + 400t

400t = 500 => t = 500/400 = 5/4 yr

= 1 1/4 yr