A businessman deposited Ksh 120000 in a bank account which was to earn him interest at the rate of 12% p.a. compounded quarterly. Calculate his total...

      

A businessman deposited Ksh 120000 in a bank account which was to earn him interest at the rate
of 12% p.a. compounded quarterly. Calculate his total amount after two years to the nearest Kenya
shillings

  

Answers

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A = P(1 + 0.03)⁸
= 120000(1.03)⁸
= 152012.00

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Kavungya answered the question on November 2, 2019 at 07:26

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