Love Vega
06/18/2023 · Primary School
xample 3. a. Find the simple interest earned on \( \$ 250 \) deposited for 6 years at \( 8 \% \) p.a.
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Step-by-step Solution
To find the simple interest earned on a deposit, we can use the formula for simple interest:
\[ \text{Simple Interest} = \frac{P \times R \times T}{100} \]
Where:
- \( P \) is the principal amount (initial deposit)
- \( R \) is the rate of interest per annum
- \( T \) is the time period in years
Given:
- Principal amount (\( P \)) = $250
- Rate of interest (\( R \)) = 8%
- Time period (\( T \)) = 6 years
Substitute the given values into the formula:
\[ \text{Simple Interest} = \frac{250 \times 8 \times 6}{100} \]
Now, we can calculate the simple interest earned.
Calculate the value by following steps:
- step0: Calculate:
\(\frac{250\times 8\times 6}{100}\)
- step1: Multiply the terms:
\(\frac{12000}{100}\)
- step2: Reduce the fraction:
\(120\)
Quick Answer
Simple Interest = \( \frac{250 \times 8 \times 6}{100} \)
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