ECONOMICS
COMPOUND INTEREST
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Captain America invests $5000 in a savings account which pays compound interest at the rate of 2.5% per year. Calculate the total interest in 6 years correct to the nearest dollars.
|
|
$5798.46
|
|
|
$750
|
|
|
$798.46
|
|
|
$678.46
|
Explanation:
Detailed explanation-1: -5832∴ C.I. = A-P = Rs. 5832-5000= Rs. 832 (c)
Detailed explanation-2: -Complete step by step answer: Compounded monthly, is the same as he got at 6% interest per annum for 3 years. Compounded annually. Therefore, compound interest is 955.08.
Detailed explanation-3: -[Solved] The compound interest on Rs. 5000 at 4% per annum is Rs. 408.
Detailed explanation-4: -Expert-Verified Answer => ₹6050-₹5000 = C.I. => ₹1050 = C.I. So, the compound interest on ₹5000 for 2 years at the rate of 10% is ₹1050 .
There is 1 question to complete.