Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 . Mr . Kolosa has invested K 1 0 0 , 0 0 0 for 5 years at 1 0 % rate of interest.

1. Mr. Kolosa has invested K100,000 for 5 years at 10% rate of interest.
(a) What will be the simple interest and amount after 5 years?
(b) What will be the compound interest and amount after 5 years if interest is paid (i) Monthly,
or (ii) Quarterly?
(c) What should be annual compound interest rate to make the amount K200,000 after 5 years?
2. How long should any sum of money be left on deposit at 4.5% APR if the value of the deposit is
to increase by 70%?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Foundations In Personal Finance

Authors: Dave Ramsey

College Edition

1936948001, 978-1936948000

More Books

Students also viewed these Finance questions

Question

=+b) Should the company send the fact-finding trip? Explain.

Answered: 1 week ago

Question

Formulate strategies and recommendations for action on HRM issues.

Answered: 1 week ago