Question 26
In how many years will a sum of money be 12 times itself at 44% per annum simple interest?
Step-by-Step Solution
CONCEPT USED
Simple Interest
STEP-BY-STEP SOLUTION
$A = 12P$
SI = 11P.
11P = (P * 44 * T) / 100
$T = 1100 / 44 = 25 years.
FINAL$