The future value can be calculated using the formula:
Future Value = Principal + (Principal * rate * time)
Substitute the given values into the formula:
Future Value = 2400 + (2400 * 0.12 * 8/12)
Future Value = 2400 + 192
Future Value = 2592
Therefore, the future value of R 2400 invested for 8 months at 12% per annum simple interest is R 2592.
Find the future value of R 2400 invested for 8 months at 12 % per annum simple interest.
R 4 704
R 2 592
R 21 600
R 232 800
R 192
1 answer