find the compounded amount on P2,000 for 3 years at 7%
please show your solution ^_^
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find the compounded amount on P2,000 for 3 years at 7%
please show your solution ^_^
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Answer:
Answer: compound interest
monthlies/per year
A = $ 2,465.85
A = P + I where
P (principal) = $ 2,000.00
I (interest) = $ 465.85
Step-by-step explanation:
First, convert R percent to r a decimal
r = R/100
r = 7%/100
r = 0.07 per year,
Then, solve our equation for A
A = P(1 + r/n)nt
A = 2,000.00(1 + 0.005833333/12)(12)(3)
A = $ 2,465.85
Summary:
The total amount accrued, principal plus interest,
from compound interest on an original principal of
$ 2,000.00 at a rate of 7% per year
compounded 12 times per year
over 3 years is $ 2,465.85.
#shyisover
if you want annual calculation
Answer:
A = $ 2,450.09
A = P + I where
P (principal) = $ 2,000.00
I (interest) = $ 450.09
Then, solve our equation for A
A = P(1 + r/n)nt
A = 2,000.00(1 + 0.07/1)(1)(3)
A = $ 2,450.09
that'sit