ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bill earned $2750 from working a summer job. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be the balance after 3 years?
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$3827.52
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$3075.56
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$3739.45
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$3346.80
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Explanation:
Detailed explanation-1: -I=10020000×2×5=Rs. 2, 000. Was this answer helpful?
Detailed explanation-2: -Compound interest, can be calculated using the formula FV = P*(1+R/N)^(N*T), where FV is the future value of the loan or investment, P is the initial principal amount, R is the annual interest rate, N represents the number of times interest is compounded per year, and T represents time in years.
Detailed explanation-3: -= 4, 058. Was this answer helpful?
Detailed explanation-4: -15625×2825×2825×2825= Rs. 21952C.
There is 1 question to complete.