How many weeks will it take for 50 000 to earn 1500 in interest if the rate is 6% p.a.
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using a weekly rate for simple interest, you want
p*rt = 1500
50000*(.06/52)t = 1500
t = 26
makes sense, since you will earn 6% of 50000 = 3000 in a year.
To calculate the number of weeks it will take for an amount to earn a specific interest, we need to use the formula for simple interest:
Interest = Principal x Rate x Time
In this case, we know the principal (50,000), the interest (1,500), and the rate (6% per year). We want to find the time.
Rearranging the formula to solve for Time:
Time = Interest / (Principal * Rate)
Substituting in the given values:
Time = 1,500 / (50,000 * 0.06)
Time = 1,500 / 3,000
Time = 0.5 years
To convert years to weeks, we need to know how many weeks are in a year. Since a year has 52 weeks on average, we can calculate the number of weeks it will take:
Weeks = Time * 52
Weeks = 0.5 * 52
Weeks = 26
Therefore, it will take approximately 26 weeks for $50,000 to earn $1,500 in interest at a rate of 6% per year.