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in birr 24000is invested at interested rate of 4% compounded you fairly then the amount of money after 10 years in birr?​

User Jtello
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1 Answer

2 votes

Answer:

To find the amount of money after 10 years, we can use the formula for compound interest: A = P(1 + r/n)^(nt)

Where:

A = the amount of money after 10 years

P = the initial investment (24000 birr)

r = the interest rate (4%)

n = the number of times the interest is compounded per year

t = the number of years

In this case, since the interest is compounded annually, n = 1.

So,

A = 24000(1 + 0.04)^(1*10)

A = 24000(1.04)^10

A = 24000(1.46) = 24000*1.46 =35,040 birr

So, after 10 years the total amount of money will be 35,040 birr.

User Dave Ankin
by
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