Kate places 5000$ in her bank account. The bank offers an interest of 8% per annum compounded yearly. Find the total interest in her account by the end of 3 years.
Answers
Answered by
3
Answer:
ITS 1200 dollars!
Step-by-step explanation:
work out 1 percent of 5000 = (50)
50 x 8 because its 8 percent so that 400
then 400 x 3 because its for 3 years
Answered by
12
Answer:
1298.56 $
Step-by-step explanation:
A = P ( 1 + R/100 )^n
A = total value, P = Principal or Capital, R = interest rate, n = number of years
A = 5000 ( 1 + 8/100 )^3 = 6298.56
6298.56 - 5000 = 1298.56 $
Hope answered the question.
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