Question

Find the compound amount of $5700.00 at 11.2% p.a. for seven years compounded

Answer 1

11984.18 dollars

Explanation:

Given that an amount of 5700 dollars is invested at 11.2% p.a. for seven years compounded.

We have compound interest formula for Principal P for n years at r% compounded annually is

Final amount =
`P(1+r)^n\\=5700(1+0.112)^7\\=11984.18`

Final amount for 5700 dollars at 11.2% p.a. for 7 years would be

11984.18 dollars.

Answer is 11984.18 dollars