Question

Find the compound interest on5000 at 4% per annum for 3 years compounded annually.​

Answer 1

Answer:

5,624.32

Step-by-step explanation:

First,

Convert R as a percent to r as a decimal

r = R/100

r = 4/100

r = 0.04 rate per year,

Then ;

A = P(1 + r/n) power n t

A = 5,000 (1 + 0.04/1) (1) (3)

A = 5,000 (1 + 0.04) (3)

A = 5,624.32