How long will it take for an investment of R3000 at 8% per annum simple interest to earn R960 interest

Answer 1

To calculate the time it takes for an investment to earn a certain amount of interest at a given interest rate, you can use the formula for simple interest:

I = P * r * t

Where:
I = interest earned
P = principal amount (R3000)
r = interest rate per period (8% or 0.08)
t = time in years

Given that the investment needs to earn R960 interest, we can plug in the values and solve for t:

960 = 3000 * 0.08 * t

960 = 240t

t = 960 / 240
t = 4

So, it will take 4 years for the investment of R3000 at 8% per annum simple interest to earn R960 interest.