Question

Danzel deposited an amount of ₱10,000.00 in a bank that pays 4% annual interescompounded annually. How much money will he have in the bank after 2 years.​

need now plsss

​with solution

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Answer 1

10000.00 × 4 ÷ 100 =800 × 2 = 16000

Answer 2

Given: Danzel deposited an amount of ₱10,000.00 in a bank that pays 4% annual interest compounded annually.

To find: Money that he gets after 2 years

Explanation: Principal(p) = ₱10,000

Rate(r)= 4% p.a.

Time(t)= 2 years

The formula for calculating amount that he received after 2 years is given by formula:

$amount = p ({ 1 + \frac{r}{100} )}^{t}$

=>$amount = 10000( {1 + \frac{4}{100} )}^{2}$

=>$amount = 10000 \times {( \frac{104}{100} )}^{2}$

=>$amount = 10000 \times {( \frac{26}{25}) }^{2}$

=>$amount = \frac{10000 \times 676}{625}$

=>amount= 10816

Therefore, the amount received by Danzel after 2 years is ₱10816.