Asked by talina
Find the compound interest on :
R1024 for 3 years at 7% p.a. Compound annually
R1024 for 3 years at 7% p.a. Compound annually
Answers
Answered by
Henry
P = Po(1+r)^n.
Po = $1,024.
r = 0.07.
n = 1comp./yr. * 3yrs. = 3 Compounding
periods.
Solve for P.
I = P-Po.
Po = $1,024.
r = 0.07.
n = 1comp./yr. * 3yrs. = 3 Compounding
periods.
Solve for P.
I = P-Po.
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