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A man deposited sh. 600,000 to a savings account in a bank that offers an interest rate of 15% p.a. What amount will be on his account after 8months​

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We can start by calculating the interest earned by the man over 8 months.

First, we need to convert the annual interest rate of 15% to a monthly rate by dividing it by 12:

15% / 12 = 1.25%

Next, we can use the formula for simple interest to calculate the interest earned:

Interest = Principal x Rate x Time

where:

Principal = sh. 600,000 (the amount deposited)

Rate = 1.25% (the monthly interest rate)

Time = 8/12 (8 months is 2/3 of a year)

Plugging in the values, we get:

Interest = 600,000 x 1.25% x 8/12

Interest = 5,000

Therefore, the man will earn sh. 5,000 in interest over 8 months.

To find the total amount in his account after 8 months, we simply add the interest earned to the initial deposit:

Total amount = Principal + Interest

Total amount = 600,000 + 5,000

Total amount = sh. 605,000

Therefore, the amount on the man's account after 8 months will be sh. 605,000.

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