Question

find a) compound interest. b) compound amount. when....... $484000 is saved for 2 years at 5% per annum

Answer 1

Answer:

Step-by-step explanation:

.SOLUTION

COMPOUND INTEREST

IST YEAR

PRINCIPAL=484000

5%INTEREST+24200   [5/100*484000]

                          =508200

2ND YEAR

PRINCIPAL=508200

5%INTEREST +     25410 [5/100*508200  

                    =533610

A] COMPOUND AMOUNT=533610

B]COMPOUND INTEREST=A-P

533610-484000=49610