14-04-2016
Mathematics

Answered

David invested R1000, what would that money grow to in 18 months at 5.5% interest rate

Verified Answer :

penfila11Pen penfila11Pen

14-04-2016

18 months = 1 and half year
= 1\(\frac{1}{2}\) year

I = PRT
P for Principle Amount
R for Rate
T for Time in years

I = 1000 × 0.055 × 1.5 (5.5% = \(\frac{5.5}{100}\) = 0.055)
= R82.5

R1000 + R82.5 = R1082.5

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