Question

an amount of R3000, Is invested to three years at simple interest rate and it earned R905 interest. determine the simple interest rate at which the money was invested​

Answer 1

Explanation:

P=R3000.00

T=3 years

SI=R905

SI=P\times R\times T\\R905=R3000\times \frac{r}{100}\times 3SI=P×R×T

R905=R3000×

100

r

​

×3

R905=\frac{R9000r}{100}R905=

100

R9000r

​

R905=\frac{R905}{R90}R905=

R90

R905

​

r=\frac{R905}{R90.}r=

R90.

R905

​

r=10.06\%r=10.06%