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algol [13]
3 years ago
6

Suppose yoko borrows $3500 at an interest rate of 4% compounded each year Find the amount owed at the end of 1 year

Mathematics
1 answer:
olchik [2.2K]3 years ago
5 0

Amount owed at the end of 1 year is 3640

<h3><u>Solution:</u></h3>

Given that yoko borrows $3500.

Rate of interest charged is 4% compounded each year

Need to determine amount owed at the end of 1 year.

In our case :

Borrowed Amount that is principal P = $3500

Rate of interest r = 4%

Duration = 1 year and as it is compounded yearly, number of times interest calculated in 1 year n = 1

<em><u>Formula for Amount of compounded yearly is as follows:</u></em>

A=p\left(1+\frac{r}{100}\right)^{n}

Where "p" is the principal

"r" is the rate of interest

"n" is the number of years

Substituting the values in above formula we get

\mathrm{A}=3500\left(1+\frac{4}{100}\right)^{1}

\begin{array}{l}{A=\frac{3500 \times 104}{100}} \\\\ {A=35 \times 104} \\\\ {A=3640}\end{array}

Hence amount owed at the end of 1 year is 3640

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