(b) Gretal invests $5000 at a rate of 2% per year compound interest.
Calculate the value of her investment at the end of 3 years.
Answers
Answered by
3
Answer:
5306.04
Step-by-step explanation:
Formula based
A= 5000(1+(2/100))^3= 5306.04
Logical: CI for 1st year= 5000×(2/100)= 100
CI for 2nd year= 100*(1+(2/100))=102
CI for 3rd year= 102*(1+(2/100))=104.04
Total CI= 100+102+104.04= 306.04
A= 5000+306.04= 5306.04
Similar questions