How many years will it take a principal of $400 to generate simple interest of $112 at a rate of 14% per annum?

Question

Giana Raymond

Mathematics

15 June, 13:17

How many years will it take a principal of $400 to generate simple interest of $112 at a rate of 14% per annum?

+1

Answers (2)

Know the Answer?

Natalya Lang · Answer 1

Principle = $400

Simple Interest = $112

Rate of interest = 14%

Amount = $512

S. I = P*T*R/100

112=400*T*14/100

112=4*14*T

112/56=T

T = 2

T = 2 years

Tate Macdonald · Answer 2

Step-by-step explanation:

Simple interest means the increment is constant. 112 *.14 = 15.68

How much do we need to increase by?

400-112 = 288

288/15.68 approx 18.4. Since we can't have. 4 of a year, it is 19 years.