Question

what sum will amount to $5290 at 15% per annum in 2 years when compounded annually

Answer 1

Answer:

a=5920

r=15

t=2

p=?

5920=p(1+15/100)^2

=>5920=p(115/100)^2

1.3225p=5920

=>p=5920/1.3225=4476.37

mark as brainless