How long will it take R3000 , invested at a simple interest rate of 7% per annum , to grow to R4680
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It will take 8 Years to 3000 to be 4680 at 7 %
Step-by-step explanation:
P = Rs 3000
R = 7 %
T = ?
Interest = P * R * T/100
Interest = 3000 * 7 * T /100
= 210T
3000 + 210T = 4680
=> 210T = 1680
=> 21T = 168
=> T = 8
It will take 8 Years to 3000 to be 4680 at 7 %
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