Answer to Question #330202 in Financial Math for Busi

Question

When his son was three years old, Vuyisanani made a deposit of R16 200,00 in the bank. The investment

grew at a simple interest rate and when Vuyisanani’s son was 22 years old, the value of the investment was

R46 980,00. Had the interest been 1,25% less, how much interest would he have lost?

[1] R3 847,50

[2] R26 932,50

[3] R19 338,68

[4] R4 455,00