Find the value to which #30000 will amount in 5 years at 6% per annum simple interest.
The formula for calculating simple interest is:
SI = P * R * T
Where:
SI = Simple Interest
P = Principal (the initial amount)
R = Rate (as a decimal)
T = Time
Plugging in the given values, we get:
SI = 30000 * 0.06 * 5
SI = 9000
Therefore, the simple interest earned over 5 years is 9000.
To find the total amount, we need to add the interest to the principal:
Total Amount = Principal + Simple Interest
Total Amount = 30000 + 9000
Total Amount = 39000
Therefore, the value to which 30000 will amount in 5 years at 6% per annum simple interest is 39000.
To find the value to which #30000 will amount in 5 years at 6% per annum simple interest, we can use the formula:
A = P(1 + rt)
where:
A = the final amount
P = the principal amount (initial amount)
r = the rate of interest per period (in decimal form)
t = the number of periods
In this case,
P = #30000
r = 6% = 6/100 = 0.06
t = 5 years
First, we calculate the interest amount:
Interest = P * r * t
= #30000 * 0.06 * 5
= #9000
Next, we add the interest to the principal amount to find the final amount:
A = P + Interest
= #30000 + #9000
= #39000
Therefore, the value to which #30000 will amount in 5 years at 6% per annum simple interest is #39000.