Question

How long will it take 3000, invested at a simple interest rate of 7 % p.a, To grow to 4680

Answer 1

Step-by-step explanation:

Calculations:

⇒ SI = PRT / 100 = 3000 × 7 × 1 / 100 = 210

Now,

⇒ half of interest is added to principal amount,

3000 + 105 = 3105

⇒ Final amount = 3189

⇒ Interest = 3189 – 3105 = 84

Now,

⇒ 84 = 3105 × 7 × t / 100

⇒ t = 8400 / 21735

⇒ t = 0.386 ≈ 0.4

Hence,

∴ After 1 + 0.4 = 1.4 years 

 

Let the time taken be x.

According to the question:

⇒ (3000 + 1/2 × 3000 × 7 × 1/100) × x × 7/100 = 84

⇒ x = 0.386 ≈ 0.4

Total Time = 1 + 0.4 = 1.4 years

∴ The total time is 1.4 years.