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a savings account recieves 12% simple interest p.a. how long would it take for £30000 to gain £7200 in interest
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4 votes
a savings account recieves 12% simple interest p.a. how long would it take for £30000 to gain £7200 in interest

User Villapalos
by
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1 Answer

5 votes

Answer:

2 years

Explanation:

I= PRT/100

I=£30000 x 12 x 1 /100 =£3600

Since the interest for one year is £3600, the interest for two years is £3600x2 =£7200

User Rahul Chaudhari
by
3.8k points
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