Mr. Ismail invested sh. 36,000 in the bank which gives an interest of 20% per year. After how long will he get sh. 43,200?
#please people help me this question how to arrive to final answer. Also i need to know if sh. 43,200 is either the total amount of money (P+I) or the interest given by the bank with reasons.
Thank you for your cooperation#
Ms. Sue today at 10:43pm
Interest = principal times rate times time
43,000 = 36,000 * 0.2 * t
Solve for t.
kelvin today at 11:22pm
This approach gives the answer in fraction, but the answer from book is 1 year.
if the book's answer is one year , then its the total account value (principal + interest)
value = 36000 (1 + .20)^1 (one year in this case)