find compound interest paid when a sum 20000 is invested for 1 year and 3 months a 8 1/2%.
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Answer:
Calculate:
Total P+I (A)
Where: A = P(1 + r/n)^(nt)
Principal (P): $
20,000.00
Rate (R): %
annual
8.5
Compound (n): Compounding
Annually (1/Yr)
Time (t in years):
1.25
Answer:
A = $ 22,147.12
A = $ 22,147.12A = P + I where
A = $ 22,147.12A = P + I whereP (principal) = $ 20,000.00
A = $ 22,147.12A = P + I whereP (principal) = $ 20,000.00I (interest) = $ 2,147.12
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