Answer to Question #246968 in Financial Math for Bee

Question #246968

What is the amount of money that Lebo has to invest, at a simple interest rate of 12% per year,to earn R5 250,00 interest after three years?

Expert's answer

"interest=principal\\times rate\\times time\\\\525000=p\\times\\frac{12}{100}\\times 3\\\\525000=0.36p\\\\p=1458333.3"

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