ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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James invest $1, 200 at an interest rate of 4.5% for 3 years compounded annually. How much interest does he earn?
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1369.40
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1268
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169.40
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162
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Explanation:
Detailed explanation-1: -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-2: -So, The Amount will be Rs. 2163.
Detailed explanation-3: -[Solved] The compound interest on Rs. 5000 at 4% per annum is Rs. 408.
Detailed explanation-4: -Find the amount and the compound interest on 2000 at 5% per annum for 3 years. Time = 3 years. Answer : The amount and compound interest on the sum for 3 years are Rs. 2315.
There is 1 question to complete.