Whatamountofinterestwillattractadepositof3000atarateof8%afterfiveyears?
Question
Whatamountofinterestwillattractadepositof3000atarateof8%afterfiveyears?
Solution
To calculate the amount of interest attracted by a deposit, you can use the formula for simple interest which is I = PRT, where:
- I is the interest
- P is the principal amount (the initial amount of money)
- R is the rate of interest
- T is the time the money is invested for
Given in the problem:
- P = 3000
- R = 8% or 0.08 (in decimal form)
- T = 5 years
Substitute these values into the formula:
I = 3000 * 0.08 * 5
Calculate the result:
I = 1200
So, a deposit of 3000 at a rate of 8% will attract 1200 in interest after five years.
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