Question

1. Calculate the compound interest on GHS 15625 for 3 years at 4% per annum, compounded annually.
2. In how much time will a sum of GHS 8000 amount to GHS 9261 at 10% per annum, compounded semi-annually?
3. A gym runs two fitness classes, spinning and circuits. On Saturday 100 people visited the gym. 18 people attended the spinning class. 10 people attended both classes. 56 people did not attend either class. How many people attended the circuits class?
4. In a class of 24 students 12 students play the piano, 13 students play the guitar and 4 students play neither instrument. How many students play both instruments?

Answer 1

Answer:

principle=15625

rate of interest =4percent%

time=3years

compound interest

=p(1+r/100)™

=15625(1+4/100)to the power 3

=15625×26/25×26/25×26/25

=17576