An investment of $10 000 at 4% p.a. simple interest builds to $11 000. The number of months it takes to reach this amount is?
I was just wondering if the answer is 30 months.
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If you were to demonstrate your calculation, I expect it would clear up your wondering.
I = Prt -- Right?
I = 11000 - 10000 = 1000
P = 10000
r = 0.04
t = I/(Pr) = 1000/(10000*0.04) = ??? years = ?? Months
It was just that this was a multiple choice question with the options:
But no matter how many times I worked out the question using SI = Prt, it worked out to be 30, so I just wanted to make sure I wasn't getting dumber.
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