Question

what sum will amount to cash 9,520 at 9% p.a in 4 years at simple interest.​

Answer 1

Answer:

Simple formula amount formula,

A=P +SI

AMOUNT COMES out to 7000(one time investment) provided interest rate remains constant.

I don't how you will get 9% simple interest. IF you 9% interest in normal cases is extremly good.

Case 2) Compound interest

A =P +(1+r/100)^n

9520=x +(1+9/100)^4

6744.160=x

hope it helps

hasta la vista