How long would it take to earn Php 8,000 on a principal of Php 20,000 at 5% simple interest rate?

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25-11-2021
Mathematics

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How long would it take to earn Php 8,000 on a principal of Php 20,000 at 5% simple interest rate?

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ewomazinoade ewomazinoade · Answer 1 · 2021-11-29T12:01:11+01:00

The length of time it would take the given principal to become Php 8,000 is 8 years.

The formula that would be used to determine the length of time it would take Php 20000 to accumulate an interest of Php 8000 can be determined using this formula:

Time = Interest earned / (principal x interest rate)

8000 / (20,000 x 0.05)

= 8 years

To learn more about simple interest, please check: brainly.com/question/9352088?referrer=searchResults