Harry is the owner of Harry's Hardware, each year he deposits money into a fixed deposit account for one of his employees. How much must Harry deposit be at 12.5% interest for 120 days in order to earn R600.00 interest?
Harry is the owner of Harry's Hardware, each year he deposits money into a fixed deposit account for one of his employees. How much must Harry deposit be at 12.5% interest for 120 days in order to earn R600.00 interest?
Looks like this is a simple interest problem.
For each employer, let the deposit be x
x(.125)(120/365) = 600
x = 600*365/(.125(120)) = appr R14600
check:
14600(.125)(120/365) = 600