Answer:
8 years
Step-by-step explanation:
Given,
Principal (P) = £ 30000
Simple Interest ( I ) = £ 28800
Rate (R) = 12%
Time (t) = ?
Now,
[tex]t = \frac{i \times 100}{p \: \times \: r} [/tex]
[tex] = \frac{28800 \times 100}{30000 \times 12} [/tex]
[tex] = \frac{2880000}{360000} [/tex]
[tex] = 8 \: years[/tex]
Hence, It would take 8 years.
Hope this helps...
Good luck on your assignment...
