Question

A man invested a certain amount of money in a bank at a simple interest rate of 5percent per annum. At the end of the year, his total amount un the bank was GHC 840,000.00. How much sid he invest in the bank.​

Answer 1

Answer: He invested 8,00,000.

Explanation:

R = 5%

A = 840,000

T = 1 year

so

so

I = A-P

so

I = PTR/100

or, A-P = (p*1*5)/100

or, 840,000-P = 5p/100

or, 8,40,00,000-100P = 5p

or, 8,40,00,000 = 105P

so, p = 8,40,8,40,00,000

so, P = 8,00,000