Explain how both are correct./ bc I have the answer but I didn’t explain
1 answer:
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Answer:
So here is the answer to your question by using the formulae of compound amount.
Initial price( P) = $5000
Interest rate( R) = 2% pa
Time ( T) = 30 years
Compound amount (CA)=?
We have
CA=P(1+R/100)^T
=5000(1+2/100)^30
=$9056.807921
=$9057(Approx)
Thus, the money will be $9057 after 30 years.
