Mathematics: How long will it take for a sum of $800 attracting simple interest to become $830 if the rate is 9%? compute the return on this investment.

16x²=(4x)², 25=5²recall that a²-b²=(a+b)(a-b)16x²-25=(4x+5)(4x-5)...

How long will it take for a sum of $800 attracting

SoccerHalo

05.01.2022

5 months

ROI = 3.75 %

Step-by-step explanation:

Since,

The simple interest formula,

$I=P\times r\times t$

Where,

P = Principal amount,

r = rate per period ( in decimal )

t = number of periods,

Here, P = 800, r = 9% = 0.09,

If A is the future amount,

We have, A = 830

I = A - P = 830 - 800 = 30

By substituting the values in the above formula,

$30=800\times 0.09\times t$

30=72t

$\implies t =\frac{30}{72}=\frac{5}{12}$

Hence, it will take 5 months. ( 1 year = 12 months )

Now,

$\text{Return on investment }=\frac{I}{P}\times 100$

$=\frac{30}{800}\times 100$

$=3.75\%$

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