Question
1.The value of an investment grows from R2200 to R3850 in 8 years. Determine the simple interest rate at which it was Invested.
2. James had R12000 and invested it for 5 years.If the value of his investment is R15600, what compound interest rate did it earn?
2. James had R12000 and invested it for 5 years.If the value of his investment is R15600, what compound interest rate did it earn?
Answers
Steve
2200(1+8r)=3850
12000(1+r)^5 = 15600
just solve for r.
12000(1+r)^5 = 15600
just solve for r.