Use the figure below to answer questions 3 and 4.
1 answer:
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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 =
P is the principal
R is the rate
T is the time
I is the interest
Insert the parameters:
I =
I = 28T
So;
At the end of the duration:
Principal + Interest = Amount
700+28T = 784
28T = 784 - 700
28T = 84
T = 3yrs