Umar invested RM 28,000 in a bank for 15 months. If the simple interest rate is 5.5% per annum, find the accumulated amount.
To find the accumulated amount, we use the formula:
Accumulated amount = Principal + Simple Interest
Given:
Principal (P) = RM 28,000
Simple Interest Rate (R) = 5.5% per annum
Time (T) = 15 months = 15/12 years
Simple Interest (I) = P * R * T
= 28000 * (5.5/100) * (15/12)
= 2310
Accumulated amount = Principal + Simple Interest
= 28000 + 2310
= RM 30,310