Question

Example of epizoic algaeJasmin invests ₱8,000 in a simple interest account which pays 8% for 3 years. What is her total investment return at the end of the 3 years? *

Answer 1

Given:

Jasmin invests ₱8,000 in a simple interest account which pays 8% for 3 years.

To find:

What is her total investment return at the end of the 3 years?

Solution:

The sum of money invested, P = ₱ 8,000

The rate of interest, R = 8%

The no. of years, T = 3 years

∴ The simple interest on the investment is,

= $\frac{P \times R \times T }{100}$

on substituting the values of P, R & T

= $\frac{8000 \times 8 \times 3 }{100}$

= $\bold{1920}$

Now,

The total amount received after 3 years will be,

= Principal + Simple Interest

= 8000 + 1920

= ₱ 9920

Thus, Jasmin's total investment return at the end of the 3 years is →

₱ 9920.

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