Answer:14700
Explanation:
Solution
A = P(1 + r/100)n
Amount (A) =?
Principal (P) = $ 10,000
Number of years (n) = 5year
Rate yearly (r) = 8%
Substituting the values in to the formula
= $ 10,000(1 + 8/100)^5
First we solve the bracket
= $ 10,000(108/100)^5
= $ 10,000(27/25)^5
= $ 10,000(1.08)^5
= $ 10,000(1.47)
= $ 14,700
Amount at the end of 5 year is $ 14700
Compound Interest C.I= A-P
= $ 14700 - $ 10000
= $ 4700
Answer:
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