Question

An amount of money gained on interest of 480000frw .It was invested for 3 years . If the simple interested rate is 80% . What was the money banked

Answer 1

To find the money banked, we can use the simple interest formula:

Simple Interest = (Principal x Rate x Time) / 100

Where,
Principal = the amount of money that was invested
Rate = the interest rate per year
Time = the number of years the money was invested

Given that the simple interest gained is 480000 Frw, the interest rate is 80% (or 0.8 in decimal form), and the time period is 3 years, we can plug these values into the formula to get:

480000 = (Principal x 0.8 x 3) / 100

Simplifying this equation, we can get:

480000 = 0.024 x Principal

Therefore, the money that was banked (or invested) is:

Principal = 480000 / 0.024 = 20,000,000 Frw

So, the initial amount of money invested is 20,000,000 Frw.