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Calculate the simple interest on a principal amount of 30000 Fnw at an interest rate of 2 1/2% per annum for 5 years.

Mathematics

ScanSolve AI Answer

Answer

3750 Fnw\text{3750 Fnw}

Step-by-step solution

4 steps

  1. Identify the given values.

    The principal amount (PP) is 30000 Fnw.
    The interest rate (RR) is 212%2\frac{1}{2}\% per annum.
    The time (TT) is 5 years.

  2. Convert the interest rate from a mixed fraction percentage to a decimal.

    R=212%=2.5%=2.5100=0.025R = 2\frac{1}{2}\% = 2.5\% = \frac{2.5}{100} = 0.025

  3. Use the simple interest formula, I=P×R×TI = P \times R \times T.

    Substitute the values into the formula:

    I=30000 Fnw×0.025×5I = 30000 \text{ Fnw} \times 0.025 \times 5

  4. Calculate the interest.

    I=30000×0.025×5I = 30000 \times 0.025 \times 5 I=750×5I = 750 \times 5 I=3750 FnwI = 3750 \text{ Fnw}

    The interest is 3750 Fnw\text{3750 Fnw}.

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