raheemwalter raheemwalter

14-01-2021
Business

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Interest: How much time will it take for an amount of 450 to yield 81 as interest at 4.5% per annum of simple interest?

Respuesta :

Samawati Samawati

16-01-2021

Answer:

4 years

Explanation:

Simple Interest is calculated using the formula below

I= P x r x t

Where I = Interest

p= principal

r= interest rate

t= time in years

In this case

I=81

p=450

r=4.5 % or 0.045

t=???

Therefore;

81= 450 x 0.045 x t

81=20.25t

t=81/20.25

t=4

It will take four years

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