Bongiwe invests R12 000 in a savings account at 6,5% per annum compound interest. Calculate how much there will be in the saving
1 answer:
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Answer:
The answer to the question is
She invested
Php2700.00 at 8 % and
Php 20,400.00 at 11 %
Step-by-step explanation:
To solve the question we note that
Simple interest is given by where
P= Principal, R = Rate and T = Time
If we call the first part P₁, T₁, and R₁ and the second part
P₂, T₂, and R₂
Then
= 2700×0.08×1 + P₂×0.11×1 = 2460 which gives
2244÷0.11 = P₂ or P₂ = Php 20,400.00
That is she invested
Php2700.00 at 8 % and
Php 20,400.00 at 11 %