Umar invested RM50,000 in a bank with simple interest rate is 15% per annum, find the number of years required if Umar wants the amount in the account to become RM237,500.

Answer 1

P = Po + Po*r*T = 237,500
50,000+50,000*0.15*T = 237,500
7500T = 237,500-50,000 = 187500
T = 25 years.

Answer 2

Umar invested RM50,000 in a bank with simple interest rate is 20% per annum, find the number of years required if Umar wants the amount in the account to become RM240,000

Answer 3

4 years ago, Aisyah invested RM P in her account which earns r% simple interest. After 18 months, she noticed that the amount had become RM17,320 and today the amount is become RM19,520. Find the value of P and r.