SOLUTION: What will sh. 4000 amount to after 9 months if the bank offers an interest rate of 40% per annum?

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Question 751468: What will sh. 4000 amount to after 9 months if the bank offers an interest rate of 40% per annum?
Answer by Cromlix(4381) About Me  (Show Source):
You can put this solution on YOUR website!
sh 4000 invested at 40% interest pa
Interest after a year = (4000 * 40)/100
= sh 1600 for the year.
9 months is equivalent to multiplying
sh 1600 by 3/4 = sh 1200
Therefore your total after 9 months
is sh 5200.
Hope this helps
:-)