The amount which should be invested at 4.5% per annum simple interest, if you require $15 700 in three years' time, is closest to: Select one: a. $13 832.60 b. $13 757.86 c. $13 720.80 o d. $1867.40
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According to the problem,
P=14000
r=4%
Amount(A)=16240
T=?
So,
SI=A−P
SI=16240−14000=2240
T=
(p×r)
(100×SI)
T=
(14000×4)
(100×2240)
T=
56000
224000
T=4
Therefore the required time will be 4 years.
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