Find the COMPOUND INTEREST,
Principal = $ 15000, rate = 10% p.a. and time = 2¹/₅ years.
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Answer:
you havent mentioned if the interest is to be compounded annually or half yearly or whatever.
I'm solving it assuming its compounded annually.
2 1/2 years is 2.5years. (same value, different expression).
Amount at the end of 1st year:
15,000 + 10% of 15,000
= 15000 + 1500
= 15,500
Amount at the end of 2nd year:
15,500 + 10% of 15,500
= 15,500 + 1550
= 17,050
Amount at the end of 2.5years:
17,050 + 5% of 17050
= 17050 + 852.50
= 17,902.50
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