Find the compound profit on 48000 at5%for one yeat
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Answer:
Principal P = 48,000
Rate of Interest R = 5% = 0.05%
Time T = 1 year
Interest is compounded yearly once n = 1
Amount =
= 48,000 (1 + 0.05)²
= 48,000 x 1.1025
= 52,920
Interest is A - P = 52,920 - 48,000
= 4,920
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