ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Trevor wants to have $4000 saved up in 3 years for a car. If he invests $1500 in a savings account that is compounded annually at an interest rate of 12%, will he have enough money at the end of the 4 years?
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Yes, he will have $5619.71
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No, he will only have $2107.39
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No, he will only have $1554.65
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Yes, he will have $4145.73
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Explanation:
Detailed explanation-1: -ANSWER:-◈ The Compound interest on Rs 7, 600 for 2 years at 5% per annum will be Rs. 779.
Detailed explanation-2: -∴ Amount will be Rs. 3025 and Interest will be Rs. 525 If Compounded Annually.
There is 1 question to complete.