John invested a certain amount of cash in a bank which paid 12% p.a. simple interest. After 10 years, his total saving were sh. 10000....

      

John invested a certain amount of cash in a bank which paid 12% p.a. simple interest. After 10 years, his total saving were sh. 10000. Determine the amount of money he invested initially.

  

Answers


joseph
Let the amount invested be sh. P
T =10 years
R = 12%
A = sh. 10000
But A = P + I
10000 = P + P x12% x10
10000 = 2.2P
Sh. 4545.45 = P

joseph rimiru answered the question on November 16, 2017 at 06:44


Next:  Calculate the rate of interest if sh. 9000 earns sh. 1000 after sh. 9000 earns sh. 1000 after 1 ½ years.
Previous:  Find the amount after 2 years if sh. 10000 is invested at 20% p.a. compound interest.

View More Mathematics Questions and Answers | Return to Questions Index


Exams With Marking Schemes

Related Questions