Find the amount of $8000 for 3 years,compounded annually at 5% per annum. Also ,find the compound interest
1 answer:
Answer:
$9261
$1261
Step-by-step explanation:
Principal: $8000
Interest rate: 5% PA compounded annually
Time: 3 years
- Sum = $8000*(1.05)³ = $9261
- Interest = $9261 - $8000 = $1261
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