Westonci.ca is your go-to source for answers, with a community ready to provide accurate and timely information. Get detailed and precise answers to your questions from a dedicated community of experts on our Q&A platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.
Sagot :
To solve this problem, we can use the formula for simple interest:
I = P * r * t
Where:
I is the interest earned
P is the principal amount (initial amount)
r is the interest rate per period
t is the time in years
In this case, we have:
P = K2200
I = K2511.67
r = 4.25% = 0.0425 (expressed as a decimal)
We need to find the value of t.
Let's plug in these values into the formula and solve for t:
2511.67 = 2200 * 0.0425 * t
Now, let's solve for t:
2511.67 = 93.5 * t
Divide both sides of the equation by 93.5:
t = 2511.67 / 93.5
t ≈ 26.88
Therefore, after approximately 26.88 years, the principal of K2200 will amount to K2511.67 at a simple interest rate of 4.25% per annum.
Now, let's move on to a quiz to check your understanding! Here's the first question:
Quiz Question 1: What is the formula for calculating simple interest?
a) I = P * r * t
b) P = I * r * t
c) I = P / r * t
d) P = I / r * t
I = P * r * t
Where:
I is the interest earned
P is the principal amount (initial amount)
r is the interest rate per period
t is the time in years
In this case, we have:
P = K2200
I = K2511.67
r = 4.25% = 0.0425 (expressed as a decimal)
We need to find the value of t.
Let's plug in these values into the formula and solve for t:
2511.67 = 2200 * 0.0425 * t
Now, let's solve for t:
2511.67 = 93.5 * t
Divide both sides of the equation by 93.5:
t = 2511.67 / 93.5
t ≈ 26.88
Therefore, after approximately 26.88 years, the principal of K2200 will amount to K2511.67 at a simple interest rate of 4.25% per annum.
Now, let's move on to a quiz to check your understanding! Here's the first question:
Quiz Question 1: What is the formula for calculating simple interest?
a) I = P * r * t
b) P = I * r * t
c) I = P / r * t
d) P = I / r * t
Answer:
Step-by-step explanation:
Find the total interest:
2511.67 - 2200 = K 311.67
interest = principle * decimal interest rate * years
311.67 = 2200 * .0425 * years
years = 311.67 / ( 2200* .0425) = 3.33 years
Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.
