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Lunna [17]
3 years ago
8

What is the compound interest when £1200 is invested for 8 years at a rate of 3.2% compound interest p.a.?

Mathematics
1 answer:
mihalych1998 [28]3 years ago
4 0

Answer:

the Compound interest is £1,543.90

Step-by-step explanation:

The computation of the compound interest is shown below:

As we know that

Compound interest is

Amount = Principal × (1 + rate of interest)^number of years

= £1,200 × (1 + 0.032)^8

= £1,200 × 1.286582318

=  £1,543.90

hence, the Compound interest is £1,543.90

We simply applied the above formula so that the correct value could come

And, the same is to be considered

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