Question

On Aisha's first birthday celebration, her grandfather deposited an amount of $1,200.00 in a bank compounded at 4% interest anually. find how much is in the account if Aisha is 3 years old.

Answer 1

$1349.84

Explanation:

→ Find the multiplier

( 100 + 4 ) ÷ 100 = 1.04

→ Multiply this by amount raised to the power of 3

1200 × 1.04³ = 1349.84

Answer 2

₹1344

Explanation:

Principle(P) =₹1,200

Rate of Interest(R)=4pc.pa

Time(T)=3years

Simple interest=?

S.I.=P×R×T/100

=1,200×4×3/100

S.I.=₹144

amount=interest+principle

=144+1200

=1344rupees