Question

Maria invests .93750 at 9.6% per annum for 3 years and the interest is compounded annually. Calculate:

i) The amount to her credit at the end of 2 year
ii) The interest for 3rd year.

Please answer its important

Answer 1

1year
P=93750
R=9.6%
T=1year
SI=PRT/100
SI=9000
2year
P=102750
R=9.6%
T=1year
SI=PRT/100
=9864
3year
P=112615
R=9.6%
T=1year
SI=PRT/100
=112614×9.6×1
=10810