Noah lends $4000 to Emma at an interest rate of 10% per annum, compounded annually for a period of 2 years. Can you help him find out how much amount he gets after a period of 2 years from Emma?
Step-by-step explanation needed.
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Data
Noah lends $4000 to Emma at interest 10%Per annum, for 2years.
Amount =?
First we find interest the we find amount.
Simple interest = Principal×Rate×Time÷100
=4000×10×2÷100
=800
Amount = Interest+Principal
= 800+4000
= 4800
Therefore $4800 amount Noah gates after a period of 2 years from Emma.
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