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77julia77 [94]
3 years ago
6

Find the compound amount of $5700.00 at 11.2% p.a. for seven years compounded

Mathematics
1 answer:
vitfil [10]3 years ago
3 0

Answer:

11984.18 dollars

Step-by-step explanation:

Given that an amount of 5700 dollars is invested at 11.2% p.a. for seven years compounded.

We have compound interest formula for Principal P for n years at r% compounded annually is

Final amount = P(1+r)^n\\=5700(1+0.112)^7\\=11984.18

Final amount for 5700 dollars at 11.2% p.a. for 7 years would be

11984.18 dollars.

Answer is 11984.18 dollars

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