How long will take birr soo to get birr 80 simple interest at rate of 8%

Mathematics

ScanSolve AI Answer

Answer

3.33 years3.33 \text{ years}

Step-by-step solution

5 steps

The time it will take is approximately 3.33 years.

  1. Identify the given values

    • Principal (P) = Birr 300
    • Simple Interest (I) = Birr 80
    • Rate (R) = 8% = 0.08 per year

  2. Recall the simple interest formula

    The formula for simple interest is:

    I=P×R×TI = P \times R \times T

    where TT is the time in years.

  3. Rearrange the formula to solve for T

    To find the time (TT), we can rearrange the formula:

    T=IP×RT = \frac{I}{P \times R}

  4. Substitute the values into the formula

    T=80300×0.08T = \frac{80}{300 \times 0.08}

  5. Calculate the time

    T=8024T = \frac{80}{24} T=3.333...T = 3.333...

    Rounding to two decimal places:

    T≈3.33 yearsT \approx 3.33 \text{ years}

    The time it will take is:

    3.33 years3.33 \text{ years}
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