Knowee
Questions
Features
Study Tools

Ndungu deposited Sh 49000 in a bank which paid simple interest at the rate of 10% p.a. After 2 years he withdrew Sh 19350. How much money remained in his account?

Question

Ndungu deposited Sh 49000 in a bank which paid simple interest at the rate of 10% p.a. After 2 years he withdrew Sh 19350. How much money remained in his account?

🧐 Not the exact question you are looking for?Go ask a question

Solution

Step 1: Calculate the interest earned in 2 years.

The formula for simple interest is I = PRT/100, where P is the principal amount, R is the rate of interest, and T is the time in years.

In this case, P = Sh 49000, R = 10% and T = 2 years.

So, I = 49000 * 10 * 2 / 100 = Sh 9800

Step 2: Add the interest to the principal amount to find the total amount in the bank after 2 years.

Total amount = Principal amount + Interest = Sh 49000 + Sh 9800 = Sh 58800

Step 3: Subtract the amount withdrawn from the total amount to find the remaining amount.

Remaining amount = Total amount - Amount withdrawn = Sh 58800 - Sh 19350 = Sh 39450

So, Sh 39450 remained in Ndungu's account.

This problem has been solved

Similar Questions

Rames h deposit an amount 9000 .after 2 years he withdraw 4000.after5years he got 7640 rs .find out the rate of interest

A man borrowed 3125 for C.I. which amounted to4500 in 2 years. What was the rate of interest per annum?(A) 30% (B) 25% (C) 20% (D) 15%

1. Angela deposited 15000 rupees in a bank at a rate of 9 p.c.p.a. She got simple interestamounting to 5400 rupees. For how many years had she deposited the amount?

Alice opened a savings account and deposited $800.00 as principal. The account earns 10% interest, compounded quarterly. What is the balance after 10 years?Use the formula A=P1+rnnt, where A is the balance (final amount), P is the principal (starting amount), r is the interest rate expressed as a decimal, n is the number of times per year that the interest is compounded, and t is the time in years.Round your answer to the nearest cent.

A person invests 1000 dollars in a bank. The bank pays 6.75% interest compounded monthly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 2500 dollars?A, equals, P, left bracket, 1, plus, start fraction, r, divided by, n, end fraction, right bracket, start superscript, n, t, end superscriptA=P(1+ nr​ ) nt

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.