Civil Service Exam Reviewer · Simple Interest and Profit/Loss · medium
How many years will it take ₱77,000 to earn ₱24,640 at 4% simple interest?
- 9 years
- 32 years
- 8 years
- 16 years
Answer
C. 8 years
Solution
t = I/(Pr) = 24,640/(77,000 × 0.04) = 8 years.
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