Question

1. Maria invested 3 8,000 in a business. She would be paid interest at 5% per annum compounded annually. Find
i) The amount credited against her name at the end of the second year.
ii) The interest for the 3rd year.
please answer fast it's urgent​

Answer 1

Answer:

1. 41895, 2. 5989.75

Step-by-step explanation:

1. amount = 38000 ×(1+5%/100)2 = 38000×21/20×21/20= 41895
2. amount = 38000×(1+5%/100)3= 43989.75

compund interest = amount -principle

compund interest = 43989.75-38000= 5989.75