Question

plz solve this Question 5 both parts

Answer 1

Formula for Compound Interest: I = P(1+r/n)^nt
 where, P is the initial principal amount,
n is no. of times amount is compounded, for instance if amount is compounded quarterly, then n=4.
t is the time in years.
& r is interest rate.

Here, P=5000, r= 4.5%, n=1 and t=2.
therefore, I (after 2 yrs)= 5000(1+4.5/100)^2 = 5460.125

Now, P=5460.125, r=5%, n=1 and t=3
Therefore, I (after 3 yrs)= 5460.125(1+5/100)^3 = 6320.777 =6321 cedis(approx)..

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