calculate how long it will take for investment of R4 000 at 3% per annum simple interest to earn an interest of R840
To calculate the time it will take for an investment of R4,000 at a 3% per annum simple interest to earn an interest of R840, we can use the formula:
Interest = Principal * Rate * Time
R840 = R4,000 * 0.03 * Time
Simplifying the equation:
840 = 120 * Time
Dividing both sides of the equation by 120:
7 = Time
Therefore, it will take 7 years for the investment of R4,000 at 3% per annum simple interest to earn an interest of R840.