Question

What is compound interest on r.s.7500 for 3.5 years at 5.5% p.a

Answer 1

thx for your answer. . ..I need some point a have 0 ponies so sorry

Answer 2

Compound interest is 412.20

Step-by-step explanation:

Given:

Principal(p) = 7,500

Number of year (n) = 3.5 Years

Interest rate (r) = 5.5% = 5.5/100 = 0.055

Compound interest = ?

Computation of compound interest:

Compound interest = $[p(1+r)^n-p]$

$[2,000(1+0.055)^{3.5}-2,000]$

$[2,000(1.055)^{3.5}-2,000]$

$[2,412.20-2,000]\\\\412.20$

Therefore, compound interest is 412.20

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