Question

Showing ALL calculations, whether this statement is valid

Rammone invests R505 050.00 for three years at a banking institution when
will grow at 5% compound interest per year.
2.2.1
Use a yearly STEP by STEP or a long method and calculate the
interest earned after three years. (Do not use the compound intere
formula.)​

Answer 1

RM79 608.51

Explanation:

First year,

RM505 050.00×5%=RM505 050.00×5/100

=RM25 252.50

second year,

(RM505 050.00+RM25 252.50)×5%=RM530 302.50×5/100

=RM26 515.13

third year,

(RM530 302.50+RM26 515.13)×5%=RM556817.63×5/100

=RM27840.88

three years interest,

RM25 252.50+RM26 515.13+RM27840.88=RM79608.51

I don't know that is R or RM

if it is R ,sorry

Hope can help!