Question

A man invested Ghe500.00 at 15%

simple interest per annum for 2 years.
Calculate the amount at the end of the
period.

Answer 1

Ghe661.25

Explanation:

First to get the interest gotten for the first year, you'll multiply 15/100 by the principal amount which is 500. The value gotten will be 75. This means that the principal amount for the second year will be 500 + 75 which will amount to 575. Again, 15% of 575 will be added to 575 and this will give you the total amount at the end of the two years