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Find the amount of $8000 for 3 years,compounded annually at 5% per annum. Also ,find the compound interest
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Find the amount of $8000 for 3 years,compounded annually at 5% per annum. Also ,find the compound interest

User Vignesh Pichamani
by
7.2k 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
7.2k points
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