(b) A trader saved GH¢200.00 for 2 years at 12% simple interest per annum. What will be the total amount in the trader's account at the end of the 2 years?
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(b) A trader saved GH¢200.00 for 2 years at 12% simple interest per annum. What will be the total amount in the trader's account at the end of the 2 years?
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Answer:
three years' interest
200 X 12% × 3 = 200X0.12X3 = 72
principal =200
total amount 200 + 72=272.