Problema Solution
How long will Php 50,000.00 amount to Php 75,000.00 if the simple interest rate is at 15% per annum?
Answer provided by our tutors
P = Php50,000.00
A = Php75,000.00
r = 0.15 or 15% annual rate
t = the time
A = P(1 + rt)
Prt = A - P
t = (A - P)/(Pr)
t = (75,000 - 50,000)/(0.15*50,000)
t = 3.33 years
It takes 3.33 years for the amount to grow to Php75,000.