Question

a savings account receives 12% simple interest p.a. how long would it take for £30000 to gain £28800 in interest

Answer 1

8 years

Explanation:

Given,

Principal (P) = £ 30000

Simple Interest ( I ) = £ 28800

Rate (R) = 12%

Time (t) = ?

Now,

`t = (i * 100)/(p \: * \: r)`

`= (28800 * 100)/(30000 * 12)`

`= (2880000)/(360000)`

`= 8 \: years`

Hence, It would take 8 years.

Hope this helps...

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