mrcline
Answered

Find the best answers to your questions at Westonci.ca, where experts and enthusiasts provide accurate, reliable information. Get quick and reliable solutions to your questions from knowledgeable professionals on our comprehensive Q&A platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

Rania puts $15 000 into a savings account where it earns 4% per annum
compound interest.
a) What is her investment worth after two years?
b)How much interest has she earned?

Sagot :

Part (a)

I'll assume the interest compounds annually.

A = P*(1+r/n)^(n*t)

A = 15000*(1+0.04/1)^(1*2)

A = 16,224

Answer: $16,224

====================================================

Part (b)

Subtract the result of part (a) and the original deposit amount to find the interest earned.

interest = A - P = 16,224 - 15,000 = 1,224

Answer:  $1,224

corneltuttle

Answer:

The final balance is $16,236.48.

The total compound interest is $1,236.48

Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.