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vaieri [72.5K]
3 years ago
8

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

Mathematics
1 answer:
Elis [28]3 years ago
5 0

Answer:

<h2>8 years</h2>

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...

Good luck on your assignment...

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