Jose had the following division problem for homework. What is the quotient?
2 answers:
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Compound Interest =
where P - Principal
r - rate of interest
n - number of years
So, for 5 years, at 6% rate of interest, for the principal 12,000, the compount interest will be
= 24000
Amount = Principal + C.I.
= 12000 + 24000
= 36000
Hence, after 5 years, the amount will be $36,000 approximately.