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Tyro
Asked: 2020-12-19T21:07:20+00:00 In: ,

Calculate the time taken for 3000 to earn600 if invested at 8% simple interest.

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Calculate the time taken for $3000 to earn $600 if invested at 8% simple interest.

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  2. Sengemegz
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    I=\dfrac{P\times T\times R}{100}
    Where I=600, P=3000, T=? and R=8
    \Rightarrow T=\dfrac{100\times I}{P\times R}
    \Rightarrow T=\dfrac{100\times 600}{3000\times 8}
    \Rightarrow T=\dfrac{60000}{24000}=2.5years

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