Why do you need 23 days to count from 1 to 1 million?
1 answer:
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Answer:
$7,986.25
Step-by-step explanation:
We can use the following formula to solve:
<em>P = principal value</em>
<em>r = rate (decimal)</em>
<em>t = time (years)</em>
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First, change 15% into a decimal:
15% -> -> 0.15
Since 2015 and 2020 are 5 years apart, we will use 5 for t. Now, plug the values into the equation:
Your car would be worth $7,986.25
For compound interest, the formula is given below:
Amount =
Here, P = 18,800
n = 2
r = 13/100
So, Amount =
= 18,800 × 1.2769
= 24005.72
Compound Interest = Amount - Principal
Compound Interest = 24005.72 - 18800
= 5205.72
Hence, the compound interest for Rs.18,800, calculated for 2 years at 13% rate of interest compounded annually is Rs.5205.72.