Answered

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Find the compound interest on $4000 for 2 years and 3months at 2% per annum,
compounded annually.

Sagot :

saadatk

Answer:

CI = $182.25

Step-by-step explanation:

Compound interest formula:

[tex]Compound \space\ Interest= P(1 + \frac{r}{100})^{n} - P[/tex]  ,

where P is the principal amount ($4000), r is the interest rate (2%), and n is the time period (2 years and 3 months = 2.25 years).

Using formula:

CI = [tex]4000(1 + \frac{2}{100} )^{2.25} - 4000[/tex]

CI = $182.25

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