A person borrowed $5000 at a compound interest rate of 10% per annum. What will
Practice Questions
Q1
A person borrowed $5000 at a compound interest rate of 10% per annum. What will be the amount after 2 years?
$6050
$5500
$6000
$6100
Questions & Step-by-Step Solutions
A person borrowed $5000 at a compound interest rate of 10% per annum. What will be the amount after 2 years?
Compound Interest – Understanding how to calculate the future value of an investment using the formula A = P(1 + r)^n, where A is the amount, P is the principal, r is the interest rate, and n is the number of years.
