ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$504
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$1048
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$405
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$1055
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Detailed explanation-1: -so your Interest will be $405 after 6 years.
Detailed explanation-2: -6, 750 for 219 days at 10 % per annum. Answer: The simple interest is Rs. 405.
Detailed explanation-3: -Simple interest is calculated with the following formula: S.I. = P × R × T, where P = Principal, R = Rate of Interest in % per annum, and T = Time, usually calculated as the number of years. The rate of interest is in percentage r% and is to be written as r/100.
Detailed explanation-4: -$170.94 How much interest does a $407 investment earn at 6% over seven years? 9. $64.60 How much interest is earned on a principal of $646 invested at an interest rate of 5% for two years?
Detailed explanation-5: -Here, we have R = 10% and have to calculate t for the sum of the money (that is P) to double. Hence, it will take 10 years for the sum of money to double itself with the rate of 10% per annum simple interest.