ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You deposit $1, 690 for 5 1/2 years at an interest of 5.7% compounded annually. How much interest did you earn?
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$602.45
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$2, 292.45
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$1, 87.55
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$3, 982.45
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Explanation:
Detailed explanation-1: -Hence, the interest earned is Rs 734.5.
Detailed explanation-2: -∴ The compound interest is Rs. 4884.
Detailed explanation-3: -On what sum will the compound interest at 5% per annum for 2 years compounded annually be Rs 164? Hence, Principal = Rs. 1600.
Detailed explanation-4: -15000 at 5% per annum for two years is Rs 1500 and the amount after 2 years is Rs. 16500.
There is 1 question to complete.