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In what time will an investment of Php 14,200.00 accumulate to Php 19,600.00 at 11 % simple interest

In what time will an investment of Php 14,200.00 accumulate to Php 19,600.00 at 11 % simple-example-1

1 Answer

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Given:

Principal (P) =14, 200

Rate(R) =11

Amount(A) = 19, 600

Amount = Principal + Interest

⇒Interest = Amount - Principal

⇒ Intrest (I) = 19600 - 14200 =5400

Using the Simple interest formula below:


I=(P* R* T)/(100)

Substitute the values for I, R and P. Hence solve for T


5400=(14200*11* T)/(100)


5400=142*11* T


5400=1562T

Divide both-side of the equation by 1562


T=3.457

Hence, time taken will be 3.5 years approximately.

User Asimovwasright
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