if $200,000 is saved at a simple interest of 5% per annum . Calculate the total amount after 4 years
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Given :
- Principal = $200,000
- Rate if Interest = 5%
- Time = 4 years
To find :
- the total amount after 4 years
Solution :
⇒ Let's find the Simple Interest.
⇒ Amount = Principal + Simple Interest
⇒ Amount = 200,000 + 40000
⇒ Amount = 240000
- Therefore, the total amount after 4 years is $240000.
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