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A bank gives a compound interest of 8% per annum. If you invest $1000, how much
Practice Questions
Q1
A bank gives a compound interest of 8% per annum. If you invest $1000, how much will you have after 1 year?
$1080
$1100
$1120
$1150
Questions & Step-by-Step Solutions
A bank gives a compound interest of 8% per annum. If you invest $1000, how much will you have after 1 year?
Steps
Concepts
Compound Interest
– Understanding how compound interest is calculated over a period of time.
Basic Arithmetic
– Applying basic multiplication and addition to compute the final amount.
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