calculate the amount and compond interest on $8000 for 1 year at 9% per annum compounded annually
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Answer:
$8720, $720
Step-by-step explanation:
Principal (P) = $8000
Time (n no. of years) = 1
Rate = 9% per annum
Amount = P( 1 + R/100)ⁿ
= 8000 * (109/100)¹
= 8000 * 109/100 = $8720
Compound Interest = Amount - Principal
= $8720 - $8000
= $720
Hence, the amount is $8720 and the compound interest is $720.
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