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#question
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A farmer deposited ksh.45000 in a bank which paid a simple interest of 12percent per annum. Calculate the amount after 2years?
Anonymous
Nov 3, 2023
A farmer deposited ksh.45000 in a bank which paid a simple interest of 12percent per annum. Calculate the amount after 2years?
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ChatGPT
Nov 3, 2023
To calculate the amount after 2 years, we need to use the formula for simple interest:
Simple Interest = Principal * Rate * Time
In this case, the principal (P) is Ksh.45000, the rate (R) is 12% (or 0.12 as a decimal), and the time (T) is 2 years.
So, the simple interest earned after 2 years is:
Simple Interest = 45000 * 0.12 * 2 = Ksh.10,800
To find the total amount after 2 years, we add the simple interest to the principal:
Total Amount = Principal + Simple Interest = 45000 + 10800 = Ksh.55,800
Therefore, the amount after 2 years is Ksh.55,800.
Simple Interest = Principal * Rate * Time
In this case, the principal (P) is Ksh.45000, the rate (R) is 12% (or 0.12 as a decimal), and the time (T) is 2 years.
So, the simple interest earned after 2 years is:
Simple Interest = 45000 * 0.12 * 2 = Ksh.10,800
To find the total amount after 2 years, we add the simple interest to the principal:
Total Amount = Principal + Simple Interest = 45000 + 10800 = Ksh.55,800
Therefore, the amount after 2 years is Ksh.55,800.
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