Joseph invest R36000 at a simple rate of 6% per year.How much will this amounts to 6 years and 5 months?
I = 36,000 * 0.06 * 6.4167
142200,00
To calculate the amount of money Joseph's investment will grow to, we can use the formula for simple interest:
\(A = P \times (1 + rt)\)
Where:
A = Total amount
P = Principal amount (initial investment)
r = Interest rate per period (in decimal form)
t = Number of periods
In this case, Joseph invested R36000 at an interest rate of 6% per year. We need to convert the time period to years by considering the 5 months as a fraction of a year (5/12).
\(P = R36000\)
\(r = 6\% = 0.06\)
\(t = 6 + \frac{5}{12} = 6.42\) (approximately)
Plug in these values into the formula:
\(A = R36000 \times (1 + 0.06 \times 6.42)\)
Simplifying:
\(A = R36000 \times (1 + 0.3864)\)
\(A = R36000 \times 1.3864\)
\(A \approx R49838.40\)
Therefore, Joseph's investment will amount to approximately R49838.40 after 6 years and 5 months.