Find the
amount and the compound Interest
on 28000 at 5% per annum, for 2 years
Compounded Annually?
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Answer:
A = 286650
CI = 258650
Step-by-step explanation:
Formula = p(1+5/100) ^2
A = 28000 ( 1 + 5 / 100 ) ^2
= 28000 * 21 / 20 * 21 / 20
A = 286650
Therefore, CI = A - P
= 286650 - 28000 = 258650
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