Question

In how many years will $12000 yield an interest of $13230 at 10% simple interest?

Answer 1

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Answer 2

Dear Student,

◆ Answer -

Time = 11.025 years

● Explanation -

# Given -

Sum invested = $ 12000

Simple interest = $ 13230

Rate of interest = 10 %

# Solution -

Simple interest is calculated by -

Simple interest = sum invested × rate of interest × time interval

13230 = 12000 × 10/100 × time

13230 = 1200 × time

Time = 13230 / 1200

Time = 11.025 years

Hence, 11.025 years will be taken.

Thanks dear. Hope this helps you...