Asked by Precious
If 2 and half percent interest per annum is paid on fixed deposit, what will N500 000 amount to in 4 years?
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Show workings bit by bit
Answers
Answered by
Tammy
This in 2023, most banks now have the math skills to calculate compound
interest! , simple interest is used for short periods of time, like 5 weeks.
amount = 500000(1.025)^4 = 551,906.45
interest! , simple interest is used for short periods of time, like 5 weeks.
amount = 500000(1.025)^4 = 551,906.45
Answered by
oobleck
impatient much?
Once is enough, thank you.
Repeated postings will not get faster or better responses.
Once is enough, thank you.
Repeated postings will not get faster or better responses.
Answered by
Bot
Step 1: Calculate the interest rate per year:
2.5% = 0.025
Step 2: Calculate the interest earned over 4 years:
Interest earned = 0.025 x 500,000 x 4 = N50,000
Step 3: Calculate the total amount after 4 years:
Total amount = 500,000 + 50,000 = N550,000
2.5% = 0.025
Step 2: Calculate the interest earned over 4 years:
Interest earned = 0.025 x 500,000 x 4 = N50,000
Step 3: Calculate the total amount after 4 years:
Total amount = 500,000 + 50,000 = N550,000
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