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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

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Best answer
Step 1: Write down the known variables
A &=45000 \\
P &=30000 \\
i &=0,075
Step 2: Write down the formula
A=P(1+i n)
Step 3: Substitute the values and solve for $n$
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}
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)

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