Find the compound interest when principal is $7000,rate is 15% per annum and period is 2 years.
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Answer:
$2257.5
Step-by-step explanation:
TOTAL AMOUNT= P(1+R/100)²
= 7000(1+15/100)²
= 7000(115/100)²
=7000(13225/10000)
=7000(1.3225)
AMOUNT =9257.5
compound int. = AMOUNT-PRINCIPLE AMOUNT
compound int.=9257.5 - 7000
= $2257.5
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