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?

Answer 1

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..

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Thankyou