Question

Work out the number of years of investment for each return.

a. £3000 invested at 3% simple interest returns £3720

Answer 1

41 years approx

Explanation:

Given data

P= £3000

R=3%

Simple Interest= £3720

Time=???

We know that from the simple interest expression

SI= PRT/100

substitute

3720= 3000*3*T/100

Make T subject of the formula

T= 3720*100/3000*3

T= 372000/9000

T= 41.33

Hence the number of years is 41 years approx