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How long will it take ₱ 2 000 to reach ₱ 2 700 at 5% simple interest per annum?
How long will it take ₱ 2 000 to reach ₱ 2 700 at 5% simple interest per annum?
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Answer:
7 years
Step-by-step explanation:
I=Prt
I interest
P-principal amount
r-interest rate per annum.
t-time in year.
From 2000 to 2700, the interest is 700 pesos.
700=2000(0.05)t
700=100t
t=700/100
t=7 years
Therefore, it will take 7 years for 2000 to become 2700 at 5% interest per annum.