Question

A woman invested #600,000 in a bank at the rate of 10% for 2.5 years. Find the simple interest

Answer 1

$150,000

Explanation:

The principle is 600,000.

The rate is 10%.

The time is 2.5 years.

The formula for finding the S.I (Simple Interest) is (Principle (P) * Time (T) * Rate (R) = (600,000 * 2.5 * 10)/100 = 150,000

Therefore, the simple interest is $150,000.