7.10; 7.1F)
1 answer:
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Answer:
Step-by-step explanation:
we know that
The simple interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
step 1
Find the rate of interest
in this problem we have
substitute in the formula above
solve for r
convert to percentage
step 2
What will be the simple interest on Rs 6480 in 14 years at the same rate of interest?
we have
substitute in the formula above