Question

the compound interest on 100000 at 20% per annum for 2 years 3 months, compounded annually is​

Answer 1

Answer:

Given, P=100000, r=0.2, n=2+ 1/4

 (converting 2 years 3 months to years) =n=2.25

Interest is compounded annually,

For first year =100000×0.2×1=20000

For second year P new=120000

Interest =120000×0.2×1=24000

For last 0.02544 year, p  

=144000

Interest =144000×0.2×0.25=7200

New amount =144000+7200=151200

Interest=151200+100000=51200

Step-by-step explanation:

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