Civil Service Exam Reviewer · Simple Interest and Profit/Loss · medium
How many years will it take ₱42,000 to earn ₱47,040 at 14% simple interest?
- 9 years
- 112 years
- 8 years
- 16 years
Answer
C. 8 years
Solution
t = I/(Pr) = 47,040/(42,000 × 0.14) = 8 years.
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