Quality Learning Support For Better Outcomes
First time here? Checkout the FAQs!
x
MathsGee is Zero-Rated (You do not need data to access) on: Telkom |Dimension Data | Rain | MWEB

1 like 0 dislike
32 views
Prashant deposits R 30 000 into a bank account that pays a simple interest rate of $7,5 \%$ p.a.. How many years must he invest for to generate R $45000 ?$
in Mathematics by Gold Status (12,921 points) | 32 views

1 Answer

0 like 0 dislike
Best answer
Step 1: Write down the known variables
$$
\begin{aligned}
A &=45000 \\
P &=30000 \\
i &=0,075
\end{aligned}
$$
Step 2: Write down the formula
$$
A=P(1+i n)
$$
Step 3: Substitute the values and solve for $n$
$$
\begin{aligned}
45000 &=30000(1+0,075 \times n) \\
\frac{45000}{30000} &=1+0,075 \times n \\
\frac{45000}{30000}-1 &=0,075 \times n \\
\frac{\left(\frac{45000}{30000}\right)-1}{0,075} &=n \\
n &=6 \frac{2}{3}
\end{aligned}
$$
Step 4: Write the final answer
It will take 6 years and 8 months to make $\mathrm{R} 45000$ from $\mathrm{R} 30000$ at a simple interest rate of $7,5 \%$ p.a.
by Gold Status (12,921 points)

Related questions

Quick search syntax
tags tag:apple
author user:martin
title title:apple
content content:apple
exclude -tag:apple
force match +apple
views views:100
score score:10
answers answers:2
is accepted isaccepted:true
is closed isclosed:true

Join the MathsGee Answer Hub community and get study support for success - MathsGee Answer Hub provides answers to subject-specific educational questions for improved outcomes.



On MathsGee Answers, you can:


  1. Ask questions
  2. Answer questions
  3. Comment on Answers
  4. Vote on Questions and Answers
  5. Donate to your favourite users
  6. Create/Take Live Video Lessons

Posting on MathsGee


  1. Remember the human
  2. Behave like you would in real life
  3. Look for the original source of content
  4. Search for duplicates before posting
  5. Read the community's rules
MathsGee Tools

Math Worksheet Generator

Math Algebra Solver

Trigonometry Simulations

Vectors Simulations

Matrix Arithmetic Simulations

Matrix Transformations Simulations

Quadratic Equations Simulations

Probability & Statistics Simulations

PHET Simulations

Visual Statistics

MathsGee ZOOM | eBook