Question

7. Find the compound interest at the rate of 5% per annum for 3 years on that principal which in 3 years at the rate of 5% per annum gives 1,200 as the simple interest

Answer 1

principal which in 3 years at the rate of 5% per annum gives 1,200 as the simple interest

$SI = P \times R \times T/100$

$1200 = \frac{ P \times 5 \times 3}{100} \\ P = 8000$

compound interest at the rate of 5% per annum for 3 years on that principal

A = $9,261.00

A = P + I where

P (principal) = $8,000.00

I (interest) = $1,261.00

First, convert R as a percent to r as a decimal

r = R/100

r = 5/100

r = 0.05 rate per year,

Then solve the equation for A

$A = P {(1 + r/n)}^{nt}$

A = 8,000.00(1 + 0.05/1)^(3)

A = 8,000.00(1 + 0.05)^(3)

A = $9,261.00

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $8,000.00 at a rate of 5% per year compounded 1 times per year over 3 years is $9,261.00.

Answer 2

Answer:

refer to attachment

Explanation:

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