Question

An investment offers a simple interest rate of 3% per year.

A lady deposits sh 20000.
If she does not withdraw any money, how much will the
investment be worth after 5 years?
B
sh 20015
sh 21500
sh 22400
sh 23000

Answer 1

sh 23000

Explanation:

`i = (prt)/(100) = (20000 * 3 * 5)/(100) = 3000`

Amount = principal + interest = 20000+3000 = sh 23000