Asked by kelvin
Asha deposited sh. 280,000 into the bank.After 4 years her savings reached sh. 386,400.Find the amount of interest per year paid by the bank.
#Please i need your help guys #
#Please i need your help guys #
Answers
Answered by
Kabir
Principal Amount = P = 280,000
Final Amount = F = 386,400
Years = T = 4
Simple Interest = SI = F - P = 106,400
Rate = R
SI = P x R x T
R = SI/(P x T) = 106,400/(1,120,000)
= 0.095
= 9.5%
Use that to find the amount per year
Final Amount = F = 386,400
Years = T = 4
Simple Interest = SI = F - P = 106,400
Rate = R
SI = P x R x T
R = SI/(P x T) = 106,400/(1,120,000)
= 0.095
= 9.5%
Use that to find the amount per year
Answered by
kelvin
Why we should find for percent the interest while we have asked to find the amount of interest please can you explain to me which word imply the required is percentage interest
Answered by
Steve
Good question. The problem implies the same amount paid every year, so it'll be simple interest.
The total interest paid was 106400 over 4 years. Just divide that by 4 to get the annual interest paid.
The total interest paid was 106400 over 4 years. Just divide that by 4 to get the annual interest paid.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.