Question

1. Calculate the CI on 28,000 at 12% per annum compounded annually for 3
years,
​

Answer 1

Answer:

3496

Step-by-step explanation:

compound interest = P (1 + r/n)^(nt)- - P

CI = 28000 ( 1 + (0.12/3))^3

CI = 28000 ( 1.04)^3 =31496

ci = 31496 - 28000 = 3496

Answer 2

Step-by-step explanation:

SI

28,000 3360

3360 403.2

3360 403.2 403.2 48.38

CI = 10080 + 1209.6 + 48.38

CI = 11337.98