A man deposited sh 24,000 in a bank that paid simple interest at the rate of 15 percent per annum. After some time he withdrew all his money

Question

A man deposited sh 24,000 in a bank that paid simple interest at the rate of 15 percent per annum. After some time he withdrew all his money. If he withdrew sh 33,000, for
how many years had he deposited his money?

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Amaya 1 month 2021-08-13T12:17:25+00:00 1 Answer 0 views 0

Answers ( )

    0
    2021-08-13T12:18:56+00:00

    Answer:

    Hi there… here’s the answer for your question..

    Simple interest formula is =

    PRT

    100

    where P = principal, R = Rate % p.a

    T – time in years and I = interest

    In this case, P = sh 24 000, R = 15%, T = ?

    Amount = Principal + Interest

    A = P + I

    I = A – P = 33 000 – 24 000

    = sh 9 600

    Now, from the formular I =

    PRT

    100

    we have.

    T =

    100I

    PR

    =

    100×9000

    24 000×15

    =2 1/2

    Hope it helps you..

    If any doubt ask me…

    Saranghae you…

    Thankyou

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