Question

What is the simple interest if the sum of money is 4800 and invest rate is 8.5 % for time period of 2 years 3 months

Answer 1

Answer:

Answer in the given attachment.

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Answer 2

Given:

Sum invested = 4800

Interest Rate = 8.5% p.a.

Time Period = 2 years 3 months

To Find:

The simple interest earned

Solution

Recall the formula to find the simple interest:

Interest = PRT/100

Convert to the time period to years only:

2 years 3 month = 2 + 3/12 years

2 years 3 month = 2.25 years

Find the interest earned:

Interest earned = (4800 x 8.5 x 2.25) /100

Interest earned = 918

Answer: 918 interest is earned.