BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$5, 224.62
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$903.61
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$28, 845.04
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$5, 141.56
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Detailed explanation-1: -To calculate daily compound interest, the interest rate will be divided by 365, and the number of years (n) will be multiplied by 365.
Detailed explanation-2: -The compound intesret earned on a sum in 3 years at 15% per annum compounded annually is ₹6500.52.
Detailed explanation-3: -It is calculated by multiplying the first principal amount by one and adding the annual interest rate raised to the number of compound periods subtract one. The total initial amount of your loan is then subtracted from the resulting value. P is principal, I is the interest rate, n is the number of compounding periods.
Detailed explanation-4: -The simple interest formula states that interest is equal to the principal times the rate times the time. Interest lets you gain value over time. I=PRT.