Question

2. Find the amount, if: (i) 2500 is invested for 4 years at 5% compound interest. (ii) 9450 invested for 2 years at 4% compound interest. (iii) 9360 is invested for 3 years at 6% compound interest. ​

Answer 1

Answer:

Step-by-step explanation:

(i)

Principle = p = 2,500

Time = 4 yrs

Rate = 5% i.e.0.05

$Amt = p(1+i)^n$

$Amt = 2,500(1+0.05)^4$

$Amt = 2,500(1.05)^4$

$Amt = 3,038.77$

(ii)

Principle = p = 9,450

Time = 2 yrs

Rate = 4% i.e.0.04

$Amt = p(1+i)^n$

$Amt = 9,450(1+0.04)^2$

$Amt = 9,450(1.04)^2$

$Amt = 10,221.12$

(iii)

Principle = p = 9,360

Time = 3 yrs

Rate = 6% i.e.0.06

$Amt = p(1+i)^n$

$Amt = 9,360(1+0.06)^3$

$Amt = 9,360(1.06)^3$

$Amt = 11,147.909$