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If you invest R6000 for 5 months at 7%p.a. How much interest will you earn?
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From the context, the account is a simple interest.
Use the formula for the simple interest
I = A*r*t,
where A is the initial deposit; r is the annual rate as the decimal value; t is the time in years.
So,
I = = = = 5*7*5 = 175.
ANSWER. The interest is R175.
Solved.
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To see many other similar (and different) solved problems on simple interest accounts, look into the lesson
- Simple interest percentage problems
in this site.
