Weiming invests S4000 in a savings scheme that pays simple interest at a rate of 2% per annum. Calculate the time taken for his investment to grow to $4400.

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asked Mar 28, 2021 114k views

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Weiming invests S4000 in a savings scheme that pays simple interest at a rate of 2% per annum.

Calculate the time taken for his investment to grow to $4400.

Mathematics
high-school

Nicos Karalis asked

by Nicos Karalis

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Answer:

55 YRS

Explanation:

T=INTEREST X 100%/PRINCIPAL X RATE

T=4400X100%=440000%/4000 X 2%

T=440000%/8000%

T=55 YRS

Rana Imtiaz answered Apr 1, 2021

by Rana Imtiaz

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