Mary invested $200 for 3 years at 5% per annum. John invested $300 at the same rate. If they both received the same amount of money in interest for how many years did john invested his money
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Answer:
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Step-by-step explanation:
FOR MARY
PRINCIPAL= $200
RATE OF INTEREST = 5%
TIME = 3 YEARS
SIMPLE INTEREST = P*R*T/100
= 200*5*3/100 = 30
SIMPLE INTEREST = $30
ACCORDING TO QUESTION SI OF MARY = SI OF JOHN
FOR JOHN
PRINCIPAL = $300
RATE OF INTEREST = 5%
SIMPLE INTEREST = $30
TIME = SI*100/P*R = 30*100/300*5 = 2
THEREFORE TIME = 2 YEARS
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Answered by
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Answer: John invested his money for 2 years
Step-by-step explanation:
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