Question

¿Qué tiempo será necesario para que $ 2.340.260 se conviertan en $3.393.377 al 1,25% de interés simple mensual?

Answer 1

The right solution is "36 years".

Explanation:

Given:

Principle,

P = $2,340,260

Amount,

A = $3,393,377

Simple interest,

SI = 3,393,377 - 2,340,260

= $1,053,117

Rate of interest,

r = 1.25%

As we know,

⇒
`SI=(Prt)/(100)`

By substituting the values, we get

⇒
`1053117=(2340260* 1.25* t)/(100)`

⇒
`10531170=292532.5* t`

⇒
`t=(10531170)/(292532.5)`

⇒
`=36 \ years`