Shen borrowed p8,000 at 7.5 simple interest rate for 5 years how much is thematurity value of her credit?
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Solution :-
→ Sum borrowed = P = p8,000
→ Rate = R = 7.5 %
→ Time = T = 5 years .
So,
→ Maturity value = P[ 1 + (RT/100)] { when rate is at simple interest . }
putting values we get,
→ MV = 8000[1 + (7.5 * 5/100)]
→ MV = 8000[1 + 0.375]
→ MV = 8000 * 1.375
→ MV = p11,000 (Ans.)
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