ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Miss Xu invests $4000 in a savings account which pays compound interest at the rate 4.5% per year. Calculate the total interest earned in 5 years.
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$4984.72
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$3400.73
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$984.72
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$2345.87
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Explanation:
Detailed explanation-1: -So, the correct answer is “410 Rs.”.
Detailed explanation-2: -∴ Compound interest is Rs. 410.
Detailed explanation-3: -4000 for 4 years at 10% per annum will be. Rs. 1856.
Detailed explanation-4: -P = Rs. 2500 Amount = C.I = A-P = Rs. 3025-2500 = Rs. 525.
There is 1 question to complete.