principal 224000,rate of interest 2%, time 16 years,what is compound interest.
2 answers
224000(1.02^16 - 1)
A = P ( 1 + r / n ) ^ ( n * t )
A = total amount
P = principal or amount of money deposited,
r = annual interest rate
n = number of times compounded per year
t = time in years
In this case :
P = 224000
R = 2 % = 2 / 100 = 0.02
n = 1
t = 16
A = P ( 1 + r / n ) ^ ( n * t )
A = P ( 1 + r / 1 ) ^ ( 1 * t )
A = P ( 1 + r ) ^ t
A = 224000 ( 1 + 0.02 ) ^ 16
A = 224000 * 1.02 ^ 16
A = 224000 * 1.37278571
A = 307503.99904
A = 307504
A = total amount
P = principal or amount of money deposited,
r = annual interest rate
n = number of times compounded per year
t = time in years
In this case :
P = 224000
R = 2 % = 2 / 100 = 0.02
n = 1
t = 16
A = P ( 1 + r / n ) ^ ( n * t )
A = P ( 1 + r / 1 ) ^ ( 1 * t )
A = P ( 1 + r ) ^ t
A = 224000 ( 1 + 0.02 ) ^ 16
A = 224000 * 1.02 ^ 16
A = 224000 * 1.37278571
A = 307503.99904
A = 307504
1 answer