cupcake2463 cupcake2463

24-08-2020
Mathematics

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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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mhanifa mhanifa

24-08-2020

Answer:

$9261

$1261

Step-by-step explanation:

Principal: $8000

Interest rate: 5% PA compounded annually

Time: 3 years

Sum = $8000*(1.05)³ = $9261
Interest = $9261 - $8000 = $1261

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