ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Pepper Potts deposited $4500 in a bank account at 4% per annum compound interest. Find the interest which she earns at the end of 5 years.
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$5575
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$975
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$5475
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$974
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Explanation:
Detailed explanation-1: -Therefore, at 6% rate per annum the money 4500willbecome 5040 after 2 years.
Detailed explanation-2: -Simple interest = 144. Step-by-step explanation: Given, p = 4500.
Detailed explanation-3: -The compound interest is Rs 989.
Detailed explanation-4: -Thus, the compound interest on Rs. 12000 at 5 % p.a. for 3 years will be Rs. 1891.5.
There is 1 question to complete.