The compound interest on 28000 at 5% per
annum for certain time is * 2870. Find the
time.
plz answer with explanation
Answers
Answered by
1
Step-by-step explanation:
The amount compounded annually for 3 years will be 39337.98
Step-by-step explanation:
The formula for calculating compound interest is given below
A = P (1 + r/n) (nt)
Data given:
P= 28000
r= 12%
n= 1
t= 3
By putting these values in the above formula we will get the answer.
A=28000(1+0.12/1)^1*3
=39337.98
Answered by
1
Principal=28000
rate=5%
time=2 years
A=P(1+r/100)^n
=28000(1+5/100)^2
=30870
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