The formula for calculating simple interest is:
SI = P * R * T
Where:
SI = Simple Interest
P = Principal (the initial amount)
R = Rate (as a decimal)
T = Time
Plugging in the given values, we get:
SI = 30000 * 0.06 * 5
SI = 9000
Therefore, the simple interest earned over 5 years is 9000.
To find the total amount, we need to add the interest to the principal:
Total Amount = Principal + Simple Interest
Total Amount = 30000 + 9000
Total Amount = 39000
Therefore, the value to which 30000 will amount in 5 years at 6% per annum simple interest is 39000.
Find the value to which #30000 will amount in 5 years at 6% per annum simple interest.
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