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*3 points3 years, 8 months, 4 days1 year, 3 months, 5 days2 years and 7 months, 2 days1 year, 7 months, 9 days
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*3 points3 years, 8 months, 4 days1 year, 3 months, 5 days2 years and 7 months, 2 days1 year, 7 months, 9 days
Solution
To solve this problem, we can 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 gives us T = I / (PR).
Substituting the given values into the formula gives us T = 4500 / (35000 * 0.08) = 1.607 years.
To convert this to years, months, and days, we take the decimal part and multiply by 12 to get the number of months, then take the decimal part of that and multiply by 30 to get the number of days.
So, 1.607 years is approximately 1 year, 7 months, and 9 days.
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