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Cynthia receives a gift of r7, 500 she decides to invest it for 3years, she is offered two saving option:option a:8% interest p.a simple interest

Sagot :

The simple interest for R 7,500 is R 1, 800, and she will get it at 3 years with interest of 8%.

Simple interest:

Simple interest means the method of calculating the interest amount for a particular principal amount of money at some rate of interest.

The formula used to calculate the simple interest is

SI = P × R × T

P = The principal is the amount that initially borrowed from the bank or invested.

R = Rate is the rate of interest at which the principal amount is given to someone for a certain time.

T= Time is the duration for which the principal amount is given to someone.

Given,

Cynthia receives a gift of r 7, 500 she decides to invest it for 3 years, she is offered two saving at 8% interest.

Here we need to find the simple interest.

We know that,

P = 7, 500

R = 8/100 = 0.08

T = 3

So, the simple interest is,

SI = 7,500 x 0.08 x 3

SI = 1800

To know more about Simple Interest here

https://brainly.com/question/25845758

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