Question

find the compound interest on $3200 at 2.5% for 2years,compounded annually
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Answer 1

Step-by-step explanation:

compound addition =p(1+r/100)^n

3200(1+2.5/100)^2

3200×41/40×41/40

2×41×41

3362

compound interest=compound addition-p

3362-3200=162