This mathematics problem involves applying core mathematical principles and formulas. Below you will find a complete step-by-step solution with detailed explanations for each step, helping you understand not just the answer but the method behind it.
ScanSolve AI Answer
Step 1: Calculate the simple interest earned. The interest earned (I) is the difference between the final amount (A) and the principal (P). I = A - P I = GH¢500.00 - GH¢312.50 I = GH¢187.50 Step 2: Apply the simple interest formula. The formula for simple interest is I = PRT, where P is the principal, R is the annual interest rate, and T is the time in years. Given: I = GH¢187.50 P = GH¢312.50 R = 4\% = 0.04 We need to find T. 187.50 = 312.50 × 0.04 × T Step 3: Solve for T. 187.50 = 12.5 × T T = (187.50)/(12.5) T = 15 The time taken is 15 years. The final answer is 15 years. Send me the next one 📸