ECONOMICS
COMPOUND INTEREST
Question
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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.

$5061.88


$5062


$4506.18


$561.88

Explanation:
Detailed explanation1: = ₹(10824.3210000) = ₹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 explanation2: 5000 for 1 1/2 years at 4% per annum compounded yearly and halfyearly? = Rs. 5304.
Detailed explanation3: 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 explanation4: Detailed Solution. ∴ The amount of interest is Rs. 5, 125.
There is 1 question to complete.