What is the decimal equivalent of the fraction? 4/30
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Answer:
4.08 + 2 = 6.08 years
Step-by-step explanation:
we know that
Simple Interest(S.I.) = (P × R × T) ÷ 100
where, P = Principal = 750
R = Rate = 6%
T = unknown
⇒ S.I. = (750 × 6 × t)÷ 100
⇒ S.I. = 45t
Also, Amount = S.I + Principal
⇒ Amount = 750 + 45t
Now Formula for Compound Interest is:
where A = Amount
=1000
P = Principle
r = rate
t = total number of year
Here, P = 750 + 45t, r = 3.5% , and t = 2.
Putting all these values in above formula:
⇒
⇒ t = 4.08
Hence, total time required will be 2 + 4.08 = 6.08 years.