**₦1,000,000.00 is put for 4% yearly interest for three years with the interest ...**

### Question

₦1,000,000.00 is put for 4% yearly interest for three years with the interest added at the end of each year to the base. At the end of the three years the money will be### Options

A)

₦1,122,416.00

B)

₦1,124,864.00

C)

₦1,241,232.00

D)

₦1,422,232.00

E)

₦1,441,122.00

The correct answer is B.

### Explanation:

The interest at the end of one year will be

₦1,000,000*4%=₦4,000

Total amount of money at the end of one year

=₦1,000,000+₦4,000

=₦1,040,000

The interest at the end of two years will be

₦1,040,000*4%=₦41,600

Total amount of money at the end of two years

=₦1,040,000+₦41,600

=₦1,081,600

The interest at the end of three years will be

₦1,081,600*40%=₦43,264

Total amount of money at the end of three years

=₦1,081,600+₦43,264

=₦1,124,864

₦1,000,000*4%=₦4,000

Total amount of money at the end of one year

=₦1,000,000+₦4,000

=₦1,040,000

The interest at the end of two years will be

₦1,040,000*4%=₦41,600

Total amount of money at the end of two years

=₦1,040,000+₦41,600

=₦1,081,600

The interest at the end of three years will be

₦1,081,600*40%=₦43,264

Total amount of money at the end of three years

=₦1,081,600+₦43,264

=₦1,124,864

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## Discussion (5)

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Thanks for this. I'm an aspirant of UNICAL 2022/2023

You're welcome.

I am an aspirant too.

The interest at the end of one year will be

₦1,000,000*4%=₦4,000

Total amount of money at the end of one year

=₦1,000,000+₦4,000

=₦1,040,000

The interest at the end of two years will be

₦1,040,000*4%=₦41,600

Total amount of money at the end of two years

=₦1,040,000+₦41,600

=₦1,081,600

The interest at the end of three years will be

₦1,081,600*40%=₦43,264

Total amount of money at the end of three years

=₦1,081,600+₦43,264

=₦1,124,864

Thank you for providing an explanation for the question!

4% of N1,000,000 is = N40,000