138,217 views
39 votes
39 votes
£864.00 to be accrued
after £800 is invested with
2% pa simple interest.

User Lopezdp
by
2.6k points

1 Answer

21 votes
21 votes

Answer: 4 years

Explanation:

Your question isn't complete but I believe that you want to calculate the number of years. This will be:

Simple Interest = PRT/100

where,

Interest = 864 - 800 = 64

Principal = 800

Rate = 2%

Therefore, 64 = 800 × 2 × T /100

Cross multiply

64 × 100 = 1600T

6400 = 1600T

T = 6400/1600

T = 4

Therefore, time will be 4 years

User Travis Bear
by
2.5k points