If you invested R5000 for the period of 2 years on simple interest, at what interest rate was the money invested. For calculation and steps if there's any
To find the interest rate at which the money was invested, we can use the formula for simple interest:
Simple Interest = Principal * Interest Rate * Time
In this case, the principal (P) is R5000 and the time (T) is 2 years. We need to find the interest rate (R).
Step 1: Plug in the given values into the formula:
Simple Interest = R5000 * R * 2
Step 2: Simplify the equation:
Simple Interest = 10000R
Step 3: Divide both sides of the equation by 10000 to isolate the interest rate:
R = Simple Interest / 10000
Step 4: Plug in the given values for Simple Interest (not mentioned in the question) into the formula and solve for R.
Without the value of Simple Interest, we cannot determine the exact interest rate at which the money was invested. Please provide the value of Simple Interest to complete the calculation.
Once you have the value of Simple Interest, divide it by 10000 to find the interest rate. For example, if the Simple Interest is R1000, then the interest rate would be:
R = 1000 / 10000 = 0.1 = 10%
Please provide the value of Simple Interest to get the exact interest rate.