A man deposited sh 24 000 in a bank which paid simple interest at the rate of 15% per annum. After some time he withdrew all his money.

Class: KCPE

Subject: Mathematics

Topic: Measurement-money

Lesson Summary

A man deposited sh 24 000 in a bank which paid simple interest at the rate of 15% per annum. After some time he withdrew all his money . If he withdrew sh 33 000, for how many years had he deposited his money?

A. 212
B. 2
C. 3
D. 72331



Text Answer


Simple interest formula is 𝐼=PRT100 where P = principal, R = Rate % p.a
T – time in years and I = interest
In this case, P = sh 24 000, R = 15%, T = ?
Amount = Principal + Interest
A = P + I
I = A – P = 33 000 – 24 000
= sh 9 600
Now, from the formular I =PRT100 we have.
T =100IPR
=100×900024 000×15=212

The correct answer is A

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