Question

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

Answer 1

Answer:

8 years

Step-by-step explanation:

Given,

Principal (P) = £ 30000

Simple Interest ( I ) = £ 28800

Rate (R) = 12%

Time (t) = ?

Now,

$t = \frac{i \times 100}{p \: \times \: r}$

$= \frac{28800 \times 100}{30000 \times 12}$

$= \frac{2880000}{360000}$

$= 8 \: years$

Hence, It would take 8 years.

Hope this helps...

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