ECONOMICS
COMPOUND INTEREST
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Question
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Jay’den earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually . How much will he have in the account after 15 years?
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$270.75
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$831.10
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$356.10
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$475.00
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Explanation:
Detailed explanation-1: -Now Compound interest = A-P ⇒ Compound interest = Rs. 15972-Rs. 12000 = Rs. 3972.
Detailed explanation-2: -Therefore, the number of years it will take to double the money at 5% per annum when compounded annually is 12.5 years.
Detailed explanation-3: -= 15 years. Was this answer helpful?
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