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Answer :
Let's solve the question step-by-step:
Question: If birr 3000 is invested at a rate of 6% simple interest per annum, how long will it take for the interest to amount to birr 1800?
To find the time, we use the formula for simple interest:
[tex]\[
\text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time}
\][/tex]
### Step 1: Identify the variables
- Principal (P): This is the initial amount invested, which is birr 3000.
- Interest (I): This is the total interest we want to achieve, which is birr 1800.
- Rate (R): This is the rate of interest, given as 6% per annum. We convert it to a decimal for calculations, so 6% becomes 0.06.
### Step 2: Write down the formula
Substitute the given values into the simple interest formula:
[tex]\[
1800 = 3000 \times 0.06 \times \text{Time}
\][/tex]
### Step 3: Solve for Time
To find Time, rearrange the equation:
[tex]\[
\text{Time} = \frac{\text{Interest}}{\text{Principal} \times \text{Rate}}
\][/tex]
[tex]\[
\text{Time} = \frac{1800}{3000 \times 0.06}
\][/tex]
Calculate the denominator:
[tex]\[
3000 \times 0.06 = 180
\][/tex]
So the equation becomes:
[tex]\[
\text{Time} = \frac{1800}{180}
\][/tex]
[tex]\[
\text{Time} = 10
\][/tex]
Therefore, it will take 10 years for the interest to amount to birr 1800.
The correct answer is C) 10 years.
Question: If birr 3000 is invested at a rate of 6% simple interest per annum, how long will it take for the interest to amount to birr 1800?
To find the time, we use the formula for simple interest:
[tex]\[
\text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time}
\][/tex]
### Step 1: Identify the variables
- Principal (P): This is the initial amount invested, which is birr 3000.
- Interest (I): This is the total interest we want to achieve, which is birr 1800.
- Rate (R): This is the rate of interest, given as 6% per annum. We convert it to a decimal for calculations, so 6% becomes 0.06.
### Step 2: Write down the formula
Substitute the given values into the simple interest formula:
[tex]\[
1800 = 3000 \times 0.06 \times \text{Time}
\][/tex]
### Step 3: Solve for Time
To find Time, rearrange the equation:
[tex]\[
\text{Time} = \frac{\text{Interest}}{\text{Principal} \times \text{Rate}}
\][/tex]
[tex]\[
\text{Time} = \frac{1800}{3000 \times 0.06}
\][/tex]
Calculate the denominator:
[tex]\[
3000 \times 0.06 = 180
\][/tex]
So the equation becomes:
[tex]\[
\text{Time} = \frac{1800}{180}
\][/tex]
[tex]\[
\text{Time} = 10
\][/tex]
Therefore, it will take 10 years for the interest to amount to birr 1800.
The correct answer is C) 10 years.
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