Question

Find the compound interest on 10,000 for 1 year and 3 months at 8% per annum compounded annually.​

Answer 1

Answer:

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Step-by-step explanation:

1yr 3months = 5/4 years

p=10000

r=8%

Amount= p (1+r)^t

= 10000× (1+ 8/100)^(5/4)

=110009.80671

Therefore interest = 1009.806