ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Your allowance of $190 earned an interest of 11% compounded annually for 1 2/3 years. How much interest did you earn on your allowance?
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$343.90
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$153.90
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$226.10
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$36.10
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Explanation:
Detailed explanation-1: -Compound interest formulas Hence, if a two-year savings account containing $1, 000 pays a 6% interest rate compounded daily, it will grow to $1, 127.49 at the end of two years.
Detailed explanation-2: -100 at the rate of 10% per annum, compounded annually for 2 years. The amount he has to pay after 2 years is Rs. 121.
Detailed explanation-3: -∴ Compound interest paid after 1 year and 3months is Rs. 1080.
Detailed explanation-4: -compounded, annually at the rate of 10% p.a. for 3 years is Rs 331. Q.
There is 1 question to complete.