ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Toni invests $3200 at 7% compound interest per year annum.Calculate the total interest that he will earn in 6 years.
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$4802.33
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$3200
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$53
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$1602.33
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Explanation:
Detailed explanation-1: -The Compound Interest in Rs. 3200 for 1 year at the rate of 8% p.a. (Compounded half-yearly) is 261.12 .
Detailed explanation-2: -30, 000 at 7% per annum is Rs. 4, 347.
Detailed explanation-3: -(30000 + 4347) = Rs. 34347. Let the time be n years. n = 2 years.
Detailed explanation-4: -For example, the interest on a $30, 000, 36-month loan at 6% is $2, 856.
There is 1 question to complete.