You save $25 each week. How long will it take to save $1000?
1 answer:
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For compound interest, the formula is given below:
Amount =
Here, P = 18,800
n = 2
r = 13/100
So, Amount =
= 18,800 × 1.2769
= 24005.72
Compound Interest = Amount - Principal
Compound Interest = 24005.72 - 18800
= 5205.72
Hence, the compound interest for Rs.18,800, calculated for 2 years at 13% rate of interest compounded annually is Rs.5205.72.