Given: P= ₱18,500, r = 3% and compounded annually for 3 years, find the compound interest (Ic ).
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Given: P= ₱18,500, r = 3% and compounded annually for 3 years, find the compound interest (Ic ).
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Answer:
P= 190067
r=13%
Step-by-step explanation:
tama toh na check na namen yan hihi
Solution:
Here, P = $ 8000, R = 5 % per annum and n = 3 years.
Using the formula A = $ P(1 + R/ 100)ⁿ
amount after 3 years = $ {8000 × (1 + 5/100)³}
= $ (8000 × 21/20 × 21/20 × 21/20)
= $ 9261.
Thus, amount after 3 years = $ 9261.
And, compound interest = $ (9261 - 8000)