5. If I invested R13 000 for 4 years and I now have R17 160, what was the simple interest rate given to me by the bank?

To find the simple interest rate, you can use the formula for simple interest: \( A = P + I \), where \( A \) is the total amount, \( P \) is the principal amount, and \( I \) is the interest earned. In your case, \( A = R17,160 \) and \( P = R13,000 \), so the interest earned \( I = A - P = R17,160 - R13,000 = R4,160 \). Now, to find the interest rate \( r \), you can rearrange the interest formula: \( I = P \times r \times t \). Plugging in your values: \( R4,160 = R13,000 \times r \times 4 \). From here, you can solve for \( r \). Doing the math: \[ r = \frac{R4,160}{R13,000 \times 4} \] \[ r = \frac{R4,160}{R52,000} \] \[ r ≈ 0.08 \text{ or } 8\% \] So, the simple interest rate given to you by the bank is approximately 8%. To make calculations fun, remember that interest rates are like the icing on your financial cake. The more you understand how rates work, the more you can slice up your investments for a sweeter deal! Plus, it's like being a detective unraveled in numbers; each calculation leads you closer to the hidden treasure of understanding your money better!