Register
Find the amount of $8000 for 3 years,compounded annually at 5% per annum. Also ,find the compound interest
158k views
2 votes
Find the amount of $8000 for 3 years,compounded annually at 5% per annum. Also ,find the compound interest

User Vignesh Pichamani
by
4.9k points

1 Answer

4 votes

Answer:

$9261

$1261

Explanation:

Principal: $8000

Interest rate: 5% PA compounded annually

Time: 3 years

  • Sum = $8000*(1.05)³ = $9261
  • Interest = $9261 - $8000 = $1261
User Dimas
by
5.0k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.3m questions

6.9m answers

Other Questions

Pizza planet is running a special 3 pizzas for 16.50. What is the unit rate for one pizza
What number is halfway between 0 and 18
If the 9-inch wheel of cheese costs $18.60, what is the cost per square inch? If the cost is less than a dollar, put a zero to the left of the decimal point?
how long Will it take for $7000 investment to grow to $7553 and the annual rate of 3.4% compounded quarterly assume that no withdrawals are made
Need answer to math problem!!!​
Link Copied!