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Mpho invested R30 000. After 27 months she received R4 050 interest. Determine the applicable simple interest rate.
in BNU1501 by Diamond (40.1k points) | 7 views

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A = P ( 1+ in) where A is Future value =30000+4050 P is Principal value =30000 I is interest n is period =27 months 34050=30000(1+27i)...... divide both sides of the equal sign by 30000 1.135= 1+ 27i.... subtract 1 both sides 0.135= 27i...... divide both sides by 27 i= 0.005 ...... as a percentage i=0.5% per month .... multiply by 12 months in a year I = 6% per annum
by Wooden (3.5k points)

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