Question

$700 is invested at 4% per annum. How long will it take for the amount to reach $784?​

Answer 1

Answer:

3yrs

Step-by-step explanation:

Given parameters:

Capital = $700

Percentage interest  = 4% per annum

Unknown:

Time it will take for amount to be  = $784

Solution:

To find the simple interest on an amount;

        I = $\frac{PRT}{100}$

P is the principal

R is the rate

T is the time

I is the interest

    Insert the parameters:

        I  = $\frac{700x 4 x T}{100}$

        I = 28T

So;

   At the end of the duration:

       Principal + Interest  = Amount

          700+28T = 784

                   28T = 784 - 700

                   28T = 84

                       T = 3yrs