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ivanzaharov [21]
4 years ago
13

Dev borrowed $2050 from a company at the rat of 8% compound interest for 2 years find the amount he has pay

Mathematics
1 answer:
geniusboy [140]4 years ago
8 0

The amount he has to pay is $2391.12

<u>Step-by-step explanation:</u>

The amount borrowed by Dev is the principal amount

P=$2050

Rate of compound interest R=8%

number of years n=2

The expression for the final amount to be repaid is

A=P(1+R/100)^n\\=2050(1+8/100)^2\\=2050(108/100)^2\\=2050\times 1.08^2\\=2050\times 1.1664\\=2391.12

Dev has to repay $2391.12

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