A business man invested GHC 100,000 at a rate of 5% simple interest per annum. Calculate the number of years, if he earned an interest of GHC25,000.00 at the end of the period.
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Step-by-step explanation:
ANSWER
For the first year
P
1
=10,000,R=5%
A
1
=10,000(1+
100
5
)
=10000×
100
105
=Rs.10500
At the end of the first year he repay 35% of the sum borrowed so he repay the amount=10000×
100
35
=Rs3500
left amt=10000−3500=Rs.7000
For the second year
P
2
=Rs.7000, R=5%
A
2
=7000(1+
100
5
)
=7000×
100
105
=Rs.7350
At the end of the second year he repay 42% of the sum borrowed so he repay the amt=10000×
100
42
=Rs.4200
Left amt=7350−4200=Rs.3150
For the Third year
P
3
=Rs.3150,R=5%
A
3
=3150(1+
100
5
)
=3150×
100
105
=Rs.3307.50
Hence he pay Rs. 3307.50 at the end of the third year in order to clear the debt.
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