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Sagot :
The interest amount is $622.85
How to determine the interest amount?
The given parameters are:
- Principal, P =$1000
- Rate, r = 4.5% compounded annually i.e. n = 1
- Time, t = 11 years
The interest amount is calculated as:
I = P(1 + r/n)^(nt) - P
This gives
I = 1000 * (1 + 4.5%/1)^(1 * 11) - 1000
Evaluate the products and the quotient
I = 1000 * (1 + 0.045)^(11) - 1000
Evaluate the sum
I = 1000 * (1.045)^(11) - 1000
Solve
I = 622.85
Hence, the interest amount is $622.85
Read more about compound interest at:
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