Question 1181662: At what simple interest rate will PhP 415,000 increase to PhP 500,000 in 3 years?
Answer by mananth(16946)   (Show Source):
You can put this solution on YOUR website! PhP 415,000 increase to PhP 500,000 in 3 years?
Principal P = PhP 415,000
Amount (a) PhP 500,000
Interest = PhP 500,000-PhP 415,000 = 85000
Time =3 years?
I = P*t*r
85000= 415000 * 3*r
85000/(415000*3) =r
0.068=> 6.8 %
in 3 years?
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