Find the accumulated amount of an account if the principal amount was 5000 at 16% interest at the end of 3 years
1 answer:
Answer:
2400
Step-by-step explanation:
Find the accumulated amount of an account if the principal amount was 5000 at 16% interest at the end of 3 years
Solution
The formula for simple interest
S.I = P *R* T/100
Where P = Principal = 5000
R = Rate = 16%
T = Time = 3 years
5000 * 16 * 3/100
50 * 16 * 3
= 2400.
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