A certain sum on money fetched a total simple interest of R4016.25 at the rate of 9 %.p.a. in five years. What is the sum?
Added by Daniel M.
Step 1
Step 1: First, we need to understand the formula for calculating simple interest, which is: \[ \text{Simple Interest} = \frac{\text{Principal} \times \text{Rate} \times \text{Time}}{100} \] Show more…
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