Question

Find amount if P=$2400, R%=5%pa, time period = 3 years compounded annually

Answer 1

Answer:

360

Step-by-step explanation:

5% of 2400 = 2400×5/100 = 120

For three years , it will be 120 × 3 = 360

= TOTAL 2760.

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Answer 2

Given :-

• P = $ 2400
• R = 5% per annum
• Time period = 3 years compounded annually .

To Find :-

• Amount = ?

Formula used :- when rate is compounded annually ,

• A = P[1 + (R/100)]ᵀ
• A = Amount .
• P = Principal .
• R = Rate of interest per annum .
• T = Time .

Solution :-

Let us assume that, amount recieved is $ A .

So,

→ A = P[1 + (R/100)]ᵀ

putting all given values ,

→ A = 2400[1 + (5/100)]³

→ A = 2400[1 + (1/20)]³

→ A = 2400(21/20)³

→ A = 2400 × (21/20) × (21/20) × (21/20)

→ A = 2400 × (9261/8000)

→ A = $2778.30 (Ans.)

Hence, required amount is equal to $2778.30 .

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