Answer to Question #246876 in Financial Math for kho

Question

What is the amount of money that Lebo has to invest, at a simple interest rate of 12% per year, to earn R5250,00 interest after three years?

Answer 1

I$=$ P$\times$ R$\times$ T

5250$=$ x$\times$ 0.12$\times$ 3

5250$=$ 0.36x

X$=$ $\frac{5250}{0.36}$

X$=$ 14588,33

Answer is 14588,33