Tony leaves $50000 in the bank for two years. It earns compound interest of 3 percent per year .Calculate the total amount Tony has in his bank at the end of the two years.
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Answer:
here,
principal = $50000
time= 2 yr
rate= 3 %
interest= ?
amount= ?
now
interest= ptr/100
= 50000*2*3/100
= $3000
again,
amount= principal + interest
= $50000 + $3000
= $53000
Step-by-step explanation:
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