Question

compound interest compound interest on principal 75000 rate 4 years2

Answer 1

6120 is the correct answer

Answer 2

Compound interest = $6,120

Step-by-step explanation:

Given:

Principal (P) = $75,000

Rate of interest(r) = 4% = 4 / 100 = 0.04

Number of year(n) = 2 years

Compound interest = ?

Calculation of Compound interest:

$Amount = 75,000(1+0.04)^2\\\\Amount = 75,000(1.04)^2\\\\Amount = 75,000(1.0816)\\\\Amount = 81,120$

So, Amount = $81,120

Compound interest = Amount - Principal

Compound interest = $6,120

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