A saves 15625 start of each years. if rate of compound interest is 4% p.a. find the amount after 3 years in his bank account.
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The formula for these types of questions is: A = P(1+rt)
A = amount ... P = principal amount, or initial amount ... r = rate (R/100) to get it from percent form to decimal form ... t = time period
In this case, A = unknown ... P = 15625 ... r = 4%/100 = 0.04 ... t = 3
So: A = 15625(1+0.04(3))
A=15625(1.12)
A=17500 is your answer
A = amount ... P = principal amount, or initial amount ... r = rate (R/100) to get it from percent form to decimal form ... t = time period
In this case, A = unknown ... P = 15625 ... r = 4%/100 = 0.04 ... t = 3
So: A = 15625(1+0.04(3))
A=15625(1.12)
A=17500 is your answer
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