ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Queenie deposited $4500 in her bank account at 4% per year compound interest. Find the total amount in her account at the end of 3 years.
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$5061.88
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$5062
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$4506.18
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$561.88
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Explanation:
Detailed explanation-1: -= ₹(10824.32-10000) = ₹824.32. Q. Find the compound interest on Rs. 10, 000 in 2 years at 4% per annum, the interest being compounded half yearly.
Detailed explanation-2: -5000 for 1 1/2 years at 4% per annum compounded yearly and half-yearly? = Rs. 5304.
Detailed explanation-3: -The Rule of 72 is a calculation that estimates the number of years it takes to double your money at a specified rate of return. If, for example, your account earns 4 percent, divide 72 by 4 to get the number of years it will take for your money to double. In this case, 18 years.
Detailed explanation-4: -Detailed Solution. ∴ The amount of interest is Rs. 5, 125.
There is 1 question to complete.