Question

How much will a sum of `6,300 amount to in a span of 2 years, at 5 pcpa rate of
compound interest (rounded off to the nearest integer)?

Answer 1

Answer:

6945.75

Step-by-step explanation:

P=6300

TIME=2YRS

RATE 5%P.A.

A=P(1+R/100)^n

A=6300(1+5/100)²

=6300(1+1/20)²

=6300(21/20)²

=6300×21/20×21/20

=6946(approx)

c.i. A-P

6946-6300