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Sagot :
The time taken is 10 years.
What is simple interest?
The term simple interest is an interest that is charged only on the principal and not on the interest.
We have the following;
Principal = 500 birr
amount = 900 birr
rate = 8%
Interest = 900 birr - 500 birr = 400 birr
400 = 500 × 8 × T/100
400 × 100 = 500 × 8 × T
T = 400 × 100/500 × 8
T = 10 years
Learn more about simple interest:https://brainly.com/question/2793278
Answer:
10 years
Explanation:
To solve this first we have to find the simple interest.
Let us find it now.
Interest = birr 900 - birr 500
= birr 400
Now we are having,
Amount = birr 900
Principal = birr 500
Interest = birr 400
rate = 8%
Period of time = ?
Let us use the formula to find the period of time.
Simple interest = Principal × Rate × Time ÷ 100
birr 400 = birr 500 × 8 × t ÷ 100
birr 400 × 100 = 4000t
40000 = 4000t
Divide both sides by 4000.
10 = t
Therefore, the time is 10 years.
Let me know if you have any other questions. :-)
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