2705 is compound annually at a rate of 8% for 1 year

Ameenah asked Aug 25, 2023

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Ameenah asked Aug 25, 2023

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21 votes

The formula of compound interest is,

$\begin{gathered} A=P(1+i)^n \\ \text{Here, A=2075, i=8\%, n=1 year} \\ 2075=P(1+(8)/(100))^1 \\ P=1921.3 \end{gathered}$

Loyal answered Aug 29, 2023

by Loyal

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