How long will it take for 1860 invested at the rate of 9.5% per annum – InterviewSolution

1.

How long will it take for 1860 invested at the rate of 9.5% per annum simple interest to amount to€24497

Answer»

A=2449,P=1860,R=9.5 p.a.S.I.=A-PS.I.=2449-1860S.I.=589T=S.I.×100÷P×RT=589×100÷1860×9.5T=300.8333

p=1860r=9.5%therefore interest=2449-1860=589so period=(589*100)/(1860*9.5)=3.3yr

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