How long will it take for an investment of R3000 to earn R960 interest at 8% per annum simple interest ?

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3960=3000(1 + 0.08 * n)

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Answer 1 · 2017-11-03T06:30:04

It will take 4 years to earn an interest of Rs.960 from Rs.3000 at the rate of 8% interest.

Principal amount $p=3000$

Rate of interest $r=8/100$

Number of years $n=?$

Absolute interest amount $i=960$

Simple interest of 8% on 3000 in $n$ years earn $960$

Form an equation like this

$pxxrxxn=i$

Substitute the known values in the above equation.

$3000xx8/100xxn=960$

$n=960xx1/3000xx100/8=4$

It will take 4 years to earn an interest of Rs.960 from Rs.3000 at the rate of 8% interest.