How much will Rs 1024 amount to in 1 year at 12 1 2 % per annum, when the interest is compounded annually?
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Answer:
A = $1,146.88
A = P + I where
P (principal) = $1,024.00
I (interest) = $122.88
Step-by-step explanation:
Calculation Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 12/100
r = 0.12 rate per year,
Then solve the equation for A
A = P(1 + r/n) ^nt
A = 1,024.00(1 + 0.12/1) ^(1)(1)
A = 1,024.00(1 + 0.12) ^(1)
A = $1,146.88
A = Amount
A = AmountP = Principle Amount
A = AmountP = Principle Amountr = rate of intrest
A = AmountP = Principle Amountr = rate of intrestt = Time
A = AmountP = Principle Amountr = rate of intrestt = Timen = number of times the interest is compounded per year.
Done
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