Guys please i need your help i am not getting the answer over the following questions.
1) Maria banked sh. 95,000 in her bank account. If the bank gives a simple interest of 17% per year, how much will she get after 3 years?
2) If Mollel got sh. 230,000 after investing some money for 2 years in a bank which offers an interest rate of 7.5% per annum, how much did he invest?
3) Sister Caro banked sh. 95,000 in her bank account. The bank offers a simple interest of 17% per year then how much interest will she earn after 3 years?
*And is there any difference between first question and the third question?
please guys show me what is supposed to be the principal(P), rate(R) , time(T) , amount or future value (A) and an interest amount(I)
I = PRT
I = 95000 * 0.17 * 3
I = 48.495.39
Add the interest to the principle.
When was this question asked? I don't know of any time that interest rates were so high.
2. P = Po + Po*r*t = $230,000,
Po + Po*0.075*2 = 230,000,
1.15Po = 230,000,
Po =
Sure! I can help you with those questions and explain how to solve them.
Question 1:
To find out how much Maria will get after 3 years with a simple interest rate of 17%, we can use the formula for simple interest:
A = P(1 + (R*T))
Here, A represents the amount or future value, P represents the principal, R represents the rate, and T represents the time.
In this case, Maria banked sh. 95,000, so P = 95,000. The rate is 17%, so R = 17/100 = 0.17. And the time is 3 years, so T = 3.
Now, substitute the values into the formula:
A = 95,000(1 + (0.17*3))
After evaluating the expression inside the parentheses:
A = 95,000(1 + 0.51)
Add 1 and 0.51:
A = 95,000(1.51)
Multiply 95,000 by 1.51:
A = 143,450
Therefore, Maria will get sh. 143,450 after 3 years.
Question 2:
To find out how much Mollel invested if he received sh. 230,000 after 2 years with an interest rate of 7.5%, we need to rearrange the formula for simple interest.
A = P(1 + (R*T))
Solving for P:
P = A / (1 + (R*T))
Here, A represents the amount or future value, P represents the principal, R represents the rate, and T represents the time.
In this case, Mollel received sh. 230,000, so A = 230,000. The rate is 7.5%, so R = 7.5/100 = 0.075. And the time is 2 years, so T = 2.
Now, substitute the values into the formula:
P = 230,000 / (1 + (0.075*2))
After evaluating the expression inside the parentheses:
P = 230,000 / (1 + 0.15)
Add 1 and 0.15:
P = 230,000 / 1.15
Divide 230,000 by 1.15:
P = 200,000
Therefore, Mollel invested sh. 200,000.
Question 3:
To find out how much interest Sister Caro will earn after 3 years with a simple interest rate of 17%, we can use the formula for simple interest:
I = P*R*T
Here, I represents the interest amount, P represents the principal, R represents the rate, and T represents the time.
In this case, Sister Caro banked sh. 95,000, so P = 95,000. The rate is 17%, so R = 17/100 = 0.17. And the time is 3 years, so T = 3.
Now, substitute the values into the formula:
I = 95,000 * 0.17 * 3
Multiply 95,000 by 0.17 and then multiply the result by 3:
I = 48,450
Therefore, Sister Caro will earn sh. 48,450 as interest after 3 years.
Regarding your last question, the first and third questions are similar in terms of using the same formula for calculating the future value of the investment. The only difference is in the information given and the variable you are solving for. In the first question, you are finding the future value (A) after a certain time, in the second question, you are finding the principal (P) given the future value, and in the third question, you are finding the interest amount (I) given the principal and time.