Answer to Question #206826 in Financial Math for Siphesihle

Question

An amount of R3 000,00 is invested for three years at a simple interest rate and it earned R905,00
interest. Determine the simple yearly interest rate at which the money was invested. Give your answer
as a percentage, rounded to two decimal digits.

Answer 1

P=R3000.00

T=3 years

SI=R905

$SI=P\times R\times T\\R905=R3000\times \frac{r}{100}\times 3$

$R905=\frac{R9000r}{100}$

$R905=\frac{R905}{R90}$

$r=\frac{R905}{R90.}$

$r=10.06\%$