ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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I invest $3000 for 4 years at 3%. per annum compound interest. Find the total money I have in the bank after 4 years?
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$3376.52
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$3376
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$3377
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$376.52
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Explanation:
Detailed explanation-1: -751. ∴ The compound interest is Rs. 751.
Detailed explanation-2: -Answer: The answer to this question is Rs 183.624.
Detailed explanation-3: -Hence, Interest on ₹ 3000 at 10% per annum for a period of 3 years is ₹ 900. Q.
Detailed explanation-4: -For example, if you have an investment that earns 5% compound interest and you want to know how much money you’ll have after 3 years, you would plug the following values into the formula: A = P(1 + r/n)^nt. A = 1000(1 + 0.05/1)^3. A = 1000(1.05)^3.
There is 1 question to complete.