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.