Question

compound interest 106 ko 106 se multiplication​

Answer 1

Answer:

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Step-by-step explanation:

Imagine you put $100 in a savings account with a yearly interest rate of 6% .

After one year, you have 100+6=$106 . After two years, if the interest is simple , you will have 106+6=$112 (adding 6% of the original principal amount each year.) But if it is compound interest , then in the second year you will earn 6% of the new amount:

1.06×$106=$112.36

Yearly Compound Interest Formula

If you put P dollars in a savings account with an annual interest rate r , and the interest is compounded yearly, then the amount A you have after t years is given by the formula:

A=P(1+r)t

Here, P=4000 , r=0.07 , and t=5 . Substituting the values in the formula, we get:

A=4000(1+0.07)5     ≈4000(1.40255)     =5610.2

Therefore, the amount after 5 years would be about $5610.20 .