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In how many years will Gh312.50 invested at 4% simple interest amount to Gh500.00​

User Awad
by
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1 Answer

3 votes

Answer: 50 years.

Step-by-step explanation:

We can use the formula for simple interest to solve this problem:

I = P * r * t

where I is the interest earned, P is the principal amount, r is the interest rate as a decimal, and t is the time in years.

We can rearrange this formula to solve for t:

t = I / (P * r)

Substituting the given values, we get:

t = (500 - 312.5) / (312.5 * 0.04)

t = 625 / 12.5

t = 50

Therefore, it will take 50 years for an investment of Gh312.50 at 4% simple interest to amount to Gh500.00.

User Ytk
by
8.6k points