R560 invested at 8% p.a. simple interest for 3 years
2 answers:
Answer:
R 694.4
Explanation:
simple interest =
→
→ R 134.4
where p refers to principal, r refers to rate, t refers to time.
total money:
invested money + simple interest
R 134.4 + R 560 → R 694.4
Answer:
R 694.40
Step-by-step explanation:
Simple interest formula:
A = P(1 + rt)
where A is the final amount, P is the initial principal balance, r is the annual interest rate (in decimal format), and t is time (in years)
Given:
- P = 560
- r = 8% = 0.08
- t = 3
⇒ A = 560(1 + 0.08 · 3)
⇒ A = 560(1.24)
⇒ A = 694.40
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