Question

find the amount on a sum of ₹5000 for 2years at the rate of 8%p.a. compounded annually​

Answer 1

Answer:

A = $5,832.00

A = P + I where

P (principal) = $5,000.00

I (interest) = $832.00

Calculation Steps:

First, convert R as a percent to r as a decimal

r = R/100

r = 8/100

r = 0.08 rate per year,

Then solve the equation for A

A = P(1 + r/n)^(nt)

A = 5,000.00(1 + 0.08/1)^(1)(2)

A = 5,000.00(1 + 0.08)^(2)

A = $5,832.00