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After what period will a principal of K2200 amount to K2511.67 at 4.25% simple interest per annum

Sagot :

To solve this problem, we can use the formula for simple interest:

I = P * r * t

Where:
I is the interest earned
P is the principal amount (initial amount)
r is the interest rate per period
t is the time in years

In this case, we have:
P = K2200
I = K2511.67
r = 4.25% = 0.0425 (expressed as a decimal)
We need to find the value of t.

Let's plug in these values into the formula and solve for t:

2511.67 = 2200 * 0.0425 * t

Now, let's solve for t:

2511.67 = 93.5 * t

Divide both sides of the equation by 93.5:

t = 2511.67 / 93.5

t ≈ 26.88

Therefore, after approximately 26.88 years, the principal of K2200 will amount to K2511.67 at a simple interest rate of 4.25% per annum.

Now, let's move on to a quiz to check your understanding! Here's the first question:

Quiz Question 1: What is the formula for calculating simple interest?

a) I = P * r * t
b) P = I * r * t
c) I = P / r * t
d) P = I / r * t

Answer:

Step-by-step explanation:

Find the total interest:

 2511.67 - 2200 = K 311.67

interest =   principle * decimal interest rate * years

        311.67 = 2200  * .0425 * years

           years =  311.67 / ( 2200* .0425)  =  3.33 years

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