Find the value to which #3000 will amount in 5 years at 6% per annum simple interest.
Simple interest formula:
Simple Interest = (Principal × Rate × Time) / 100
Where,
Principal = #3000
Rate = 6%
Time = 5 years
Simple Interest = (3000 × 6 × 5) / 100 = #900
To find the amount, we add the simple interest to the principal:
Amount = Principal + Simple Interest
Amount = 3000 + 900 = #3900
Therefore, #3000 will amount to #3900 in 5 years at 6% per annum simple interest.
To find the value to which #3000 will amount in 5 years at 6% per annum simple interest, you can use the formula for calculating simple interest:
Interest = Principal * Rate * Time
Let's calculate the interest first:
Interest = #3000 * 0.06 * 5
= #900
Add the interest to the principal amount to get the final value:
Final value = Principal + Interest
= #3000 + #900
= #3900
Therefore, the value to which #3000 will amount in 5 years at 6% per annum simple interest is #3900.