Find the interest on rs 1200 at 6% per annum for 146 days
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A = $1,228.30
A = P + I where
P (principal) = $1,200.00
I (interest) = $28.30
Calculation Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 6/100
r = 0.06 rate per year,
Then solve the equation for A
A = P(1 + r/n)^nt
A = 1,200.00(1 + 0.06/1)^(0.4)
A = 1,200.00(1 + 0.06)^(0.4)
A = $1,228.30
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $1,200.00 at a rate of 6% per year compounded 1 times per year over 146 days = 0.4 years is $1,228.30.
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