Two businessmen P and Q invested shs 2,400,000 each in separate banks. P invested in a bank which paid an interest of 12% p.a. compounded semi-annually....

Two businessmen P and Q invested shs 2,400,000 each in separate banks. P invested in a bank which paid an interest
of 12% p.a. compounded semi-annually. While Q invested in a bank which paid simple interest of 20% p.a.
a) Find:
i) the compound interest earned by P after 10 years to the nearest hundreds.
ii) the total interest earned by Q after 10 years to the nearest hundreds.
b) How long will it take P to get an amount equivalent to Kshs 6,000,000.
c) How long does it take Q to reach the amount of Kshs 6,000,000

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sharon kalunda answered the question on May 9, 2019 at 06:00

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