Question

When Ksh. 60,000 was invested in a certain bank for 8years it earned a simple interest of Ksh. 14,400. Find the amount that must have been invested in the same bank at the same rate for 5years to earn a simple interest of Ksh. 12,000

Answer 1

60000 x 8xt = 14400
     100
T = 3 years.
P x 5 x 3 = 12000
   100
P = 80,000