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At what simple interest rate will an amount of money gain 50% of the principal in 4 years?
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Answer:
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Step-by-step explanation:
To find the simple interest rate at which an amount of money will gain50% of the principal in4 years, we can use the formula for simple interest:
Simple Interest (SI) = (Principal × Rate × Time) /100
Given that the amount gained is50% of the principal, we can express this as:
SI =0.5 * Principal
We also know that the time (T) is 4 years.
Substituting these values into the formula, we get:
0.5 * Principal = (Principal × Rate ×4) /100Solving for the rate (R):
R = (0.5 *100) / (Principal *4)
R = (0.5 *100) / (Principal *4)R =12.5 / Principal
So, the simple interest rate at which an amount of money will gain50% of the principal in4 years is12.5 divided by the principal amount. If you have a specific principal amount, you can substitute it into the formula to find the exact interest rate.
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Verified answer
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To determine the simple interest rate at which an amount of money will gain 50% of the principal in 4 years, we can use the formula for simple interest:
I = P × r × t
where:
I = simple interest
P= principal amount of money
r = interest rate
t = time in years
We are given that the simple interest amount is 50% of the principal, so I = 0.5P. We are also given that the time is 4 years.
Substituting these values into the formula, we have:
0.5P = P × r ×4
Dividing both sides of the equation by 4P, we get:
0.5/4 = r
Simplifying, we have:
r = 0.125 = 12.5%
Therefore, the simple interest rate at which the amount of money will gain 50% of the principal in 4 years is 12.5%.
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