Answer: 52900 Naira
Explanation:
1) Use the equation A = P(1+r/n)^nt
A = Ammount
(Starting Cash) P = 40,000
(Intrest rate) R = 15%
(Number of periods) n = N/A
(Time) t = 2
2) Make an equation
A = 40,000(1+15%)^2
3) Solve the equation.
A = 40,000(1+0.15)^2
A = 40,000(1.15)^2
A = 40,000(1.3225)
A = 52900