Question

AM = 15
1. Calculate the amount and compoundinterest on
1
(a) * 10,800 for 3 years at 12% per annum compounded annually.
2
An​

Answer 1

Step-by-step explanation:

$compound \: amount = principal \times {(1 + \frac{rate}{100} )}^{time}$

$= 10800 {(1 + \frac{12}{100} )}^{3}$

$= 10800 \times {(1 + \frac{3}{25} })^{3}$

$= 10800 \times \frac{28}{25} \times \frac{28}{25} \times \frac{28}{25}$

$= \frac{432 \times 28 \times 28 \times 28}{25 \times 25}$

$= 15173.22$