Question

Find compound interest on 15000 @6%pa compound interest for 7 years

Answer 1

Answer:

p=15000

r=6

t=7

A=p(1+r/100)^t

22554.45

Answer 2

Compound interest = 7,554.45

Step-by-step explanation:

Given:

Principal (P) = 15,000

Rate of interest(r) = 6% = 6 / 100 = 0.06

Number of year(n) = 7 years

Compound interest = ?

Computation of Amount:

$Amount = principal (1+r)^n\\\\Amount = 15,000(1+0.06)^7\\\\Amount = 15,000(1.06)^7\\\\Amount = 15,000(1.50363026)\\\\Amount = 22,554.4539$

So, Amount = 22,554.45(Approx)

Computation of Compound interest:

Compound interest = Amount - Principal

Compound interest = 22,554.45 - 15,000

Compound interest = 7,554.45

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