An amount of money gained on interest of 480000frw .It was invested for 3 years . If the simple interested rate is 80% . What was the money banked
To find the money banked, we can use the simple interest formula:
Simple Interest = (Principal x Rate x Time) / 100
Where,
Principal = the amount of money that was invested
Rate = the interest rate per year
Time = the number of years the money was invested
Given that the simple interest gained is 480000 Frw, the interest rate is 80% (or 0.8 in decimal form), and the time period is 3 years, we can plug these values into the formula to get:
480000 = (Principal x 0.8 x 3) / 100
Simplifying this equation, we can get:
480000 = 0.024 x Principal
Therefore, the money that was banked (or invested) is:
Principal = 480000 / 0.024 = 20,000,000 Frw
So, the initial amount of money invested is 20,000,000 Frw.
To find the amount of money that was originally invested, we can use the formula for simple interest:
Simple Interest = (Principal * Rate * Time) / 100
Given that the simple interest is 480,000 FRW and the rate is 80%, we can plug these values into the formula:
480,000 FRW = (Principal * 80 * 3) / 100
To find the Principal (the initial amount of money invested), we can rearrange the formula:
Principal = (Simple Interest * 100) / (Rate * Time)
Plugging in the given values, we have:
Principal = (480,000 FRW * 100) / (80 * 3)
Simplifying:
Principal = (480,000 FRW * 100) / 240
Principal = 2,000,000 FRW
Therefore, the amount of money that was initially invested is 2,000,000 FRW.
To calculate the amount of money that was banked, we need to use the simple interest formula:
Interest = Principal × Rate × Time
Where:
Interest is the amount gained on interest
Principal is the initial amount invested
Rate is the interest rate per year
Time is the number of years the money was invested
In this case, we have the following information:
Interest = 480,000 FRW
Rate = 80% or 0.80
Time = 3 years
Let's substitute these values into the formula and solve for Principal:
480,000 = Principal × 0.80 × 3
Now we can solve for Principal by dividing both sides of the equation by (0.80 × 3):
Principal = 480,000 / (0.80 × 3)
Principal = 200,000 FRW
Therefore, the money that was banked was 200,000 FRW.