Question

R560 invested at 8% p.a. simple interest for 3 years​

Answer 1

R 694.4

Step-by-step explanation:

simple interest =
`\sf{(PRT)/(100)` →
`\sf (560*8*3)/(100)` → R 134.4

where p refers to principal, r refers to rate, t refers to time.

total money:

invested money + simple interest

R 134.4 + R 560 → R 694.4

Answer 2

R 694.40

Step-by-step explanation:

Simple interest formula:

A = P(1 + rt)

where A is the final amount, P is the initial principal balance, r is the annual interest rate (in decimal format), and t is time (in years)

Given:

• P = 560
• r = 8% = 0.08
• t = 3

⇒ A = 560(1 + 0.08 · 3)

⇒ A = 560(1.24)

⇒ A = 694.40