How long will it take for ₱ 35 000 to earn ₱ 4 500 if the rate of interest is 8%? Given: P = ₱ 35 000I = ₱ 4 500r = 8% = 0.08
Question
How long will it take for ₱ 35 000 to earn ₱ 4 500 if the rate of interest is 8%? Given: P = ₱ 35 000I = ₱ 4 500r = 8% = 0.08
Solution
To solve this problem, we will use the formula for simple interest which is I = PRT, where I is the interest, P is the principal amount, R is the rate of interest, and T is the time.
We are given: P = ₱ 35 000 I = ₱ 4 500 R = 8% = 0.08
We need to find T.
Rearranging the formula to solve for T, we get T = I / (PR).
Substituting the given values into the formula, we get T = 4500 / (35000 * 0.08).
Calculating the above expression, we get T = 1.60714285714 years.
So, it will take approximately 1.61 years for ₱ 35 000 to earn ₱ 4 500 at an interest rate of 8%.
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