Question

8,000 is lent at 5 percent compound interest per year. Find the amount for 1 year

Answer 1

Answer:

8640

Step-by-step explanation:

Principal = 8000

Rate = 8 % per annum

Time = 1 Year

CI = P*R*T/100

CI = 8000*8*1/100                                                          [8000/100 = 80]

CI = 80*8*1

CI = 640

Now,

Amount = Principal + CI

Amount = 8000 + 640

Amount = 8640