Question

1. Dele invests $6000 for 4 years at 3% per annum compound interest. Calculate the value of his investment at the end of 4 years.

2. The value of a car depreciates by 14% per annum. At the end of 2017 the car is worth $17500. How much is it worth at the end of 2020?

Answer 1

every year the amount will increase by three percent %

Answer 2

1 - Every year the amount will increase with 3% and considering it will be compounded the final answer after 4 year would be 6753
2 - 9573